By Dustin Gardiner, The Republic | azcentral.com
Phoenix is positioning itself to sell the financially troubled Sheraton Phoenix Downtown Hotel, a move that could force the city and taxpayers to absorb tens of millions of dollars in losses.
City officials from Mayor Greg Stanton to Chief Financial Officer Neal Young said Phoenix is refinancing debt on the hotel so it can get ready to sell the 1,000-room Sheraton, the largest hotel in the state.
Selling the city-owned hotel would address concerns that the city is keeping it afloat with money that should be used to ensure the Phoenix Suns stay downtown. The hotel has performed so poorly that Phoenix is spending money that some City Council members say is needed to help pay for a new arena to replace US Airways Center, which the basketball team leases from the city.
