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.