By Axios
A swanky north Phoenix hotel built by Charles Keating in the 1980s will get a new owner soon when it goes up for auction.
The big picture: The Sheraton Phoenix Crescent at Dunlap Avenue and Interstate 17 has been closed since an electrical fire in January 2023.
- Initial bids for the building are due Sept. 16, according to David Fogler of Cushman Wakefield, the brokerage hired to facilitate the sale for a court-appointed receiver.
- If more than one qualified bid is submitted, there will be an auction on Sept. 25.
What we’re watching: Fogler said he presumes the Sheraton’s next owner will keep the building rather than bulldoze it because, “It’s a pretty significant piece of real estate that … still has a lot of nice features to it.”
- He predicted it would remain a hotel or be converted into attainable housing.
- Fogler noted that the building is in the city’s North Mountain Redevelopment Area, created in 2013 to revitalize the area, “so I’m guessing the city would be open to ideas about redevelopment of the property in any number of forms.”
