Sheraton has lost at least $29 million since 2008
By Dustin Gardner | The Arizona Republic
If you’ve got around $300 million you don’t know what to do with, the city-owned Sheraton Phoenix Downtown Hotel could be yours.
Phoenix is officially seeking offers from buyers interested in purchasing the 1,000-room Sheraton, which, the city reports, has lost at least $29 million since its doors opened during the height of the recession in 2008. A sale could mean more losses.
City officials have prepared to sell the Sheraton for at least a year, saying a convention hotel ultimately belongs in the hands of the private sector. Selling the hotel also could free up money to help build a new downtown arena for the Phoenix Suns and Arizona Coyotes, a prospect city leaders are negotiating.
