November 14, 2024 12:21 am
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Phoenix enters deal to sell downtown Sheraton hotel for big loss

downtown Sheraton

downtown SheratonIf the city takes the offer, its total losses on the taxpayer-funded Sheraton Grand Phoenix could exceed $100 million.

By Dustin Gardiner | The Republic

Phoenix has entered into exclusive negotiations to sell the city-owned Sheraton Grand Phoenix downtown hotel —the largest hotel in Arizona — for $255 million.

The city signed a letter of intent with TLG Phoenix LLC, an investment company based in Florida, to accept the offer and negotiate a purchase contract, city officials announced Tuesday evening.

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