By Dustin Gardiner | The Arizona Republic
After eight turbulent years in the hotel business, Phoenix has found a buyer for the city-owned Sheraton Grand Phoenix hotel downtown.
TLG Phoenix, an affiliate of Thayer Lodging Group, a national investment firm, has made a cash offer to buy the hotel for $300 million, according to the city. Phoenix made details of the proposed sale public Monday evening. A city council vote to authorize the deal will take place Wednesday.
The city’s decision to finance construction of the Sheraton, which opened its doors at the height of the recession in 2008, has long been controversial. The hotel, the largest in Arizona, has lost at least $29 million, and city officials estimate that number could climb to about $32 million with the sale.
