Phoenix approves sale of downtown Sheraton for $255 million

By Jessica Boehm | The Republic

The Phoenix City Council approved the sale of the Sheraton Grand Phoenix downtown hotel Tuesday for $255 million — about $50 million less than what the city owes on it.

The buyer, TLG Phoenix, an investment company based in Florida, will receive a $97 million tax break and $13 million to use for renovations.

The city spent $350 million to build the 1,000-room hotel, which opened in 2008 to accommodate guests of the newly renovated and expanded Phoenix Convention Center.

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