By Jessica Boehm and Dawn Gilbertson | Arizona Republic
Phoenix has officially sold the massive Sheraton Grand Phoenix hotel for $255 million — about $50 million less than what the city owes on it.
Hotel giant Marriott International purchased the 1,000-room hotel, according to a news release.
The Phoenix City Council voted to sell the hotel to TLG Phoenix — a subsidiary of Florida-based TLG Investment Partners — last year.
But earlier this year, Marriott expressed interest in owning the hotel and formed an affiliate with TLG Phoenix to purchase it. Marriott spokeswoman Connie Kim said Marriott International has 100 percent controlling interest.
