By Melissa Yeager and Catherine Reagor | azcentral
In what could be described as a multimillion-dollar flip, Marriott has sold Arizona’s largest hotel, the 1,003-room Sheraton Phoenix Downtown, to the Blackstone Group a little more than 18 months after purchasing it from the city of Phoenix.
The sale price is $268 million, according to a document Marriott has filed with the Securities and Exchange Commission.
Phoenix built the hotel in 2008 for $350 million and took a significant loss when it sold it to Marriott in June 2018 for $255 million.
In recent months the hotel, at 340 N. 3rd St., has undergone a massive renovation, updating everything from guest rooms to restaurants. Marriott envisions a space that will bring visitors and the community together. Renovations are scheduled to be completed in the first half of 2020.
