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Sale of Phoenix-owned Sheraton hotel includes $97M tax break for buyer

Posted by   /  August 11, 2017  /  No Comments

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downtown Sheraton

Downtown Sheraton/Phoenix

By Dustin Gardiner | The Republic

As Phoenix negotiates the sale of the city-owned Sheraton hotel in downtown, a new aspect of the deal is sparking controversy: a proposed $97 million tax break for the buyer.

The city already expects to take a hefty loss on the Sheraton. In July, Phoenix entered into exclusive talks to sell to TLG Phoenix LLC, an investment company based in Florida, for $255 million.

Phoenix still owes $306 million on the hotel — the largest in the state with 1,000 rooms — and the city has already sunk about $47 million of taxpayers’ money into it.

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