Phoenix sells Sheraton Grand Phoenix to Marriott for $255 million

Sheraton Grand Phoenix. / Hotels.com.

 

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.

READ ON:

Share this!

Additional Articles

Goodyear approves land purchase

By Mary Goldmeer | YourValley The Goodyear City Council unanimously approved a proposal to purchase a 13-acre parcel for $8.4 million. The acquisition, is planned to support future expansion

Read More »
News Categories

Get Our Twice Weekly Newsletter!

* indicates required

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.