Phoenix officially sells Sheraton Grand to Marriott for $255M
Jul 3, 2018, 10:33 AM | Updated: 8:02 pm
(Instagram Photo)
(Instagram Photo)
PHOENIX — Phoenix got out of the hotel business by officially selling the downtown Sheraton Grand to Marriott International.
Marriott planned major renovations to the site at Third Street near Van Buren Street, the hotelier said in a press release.
The city council authorized the sale of the 1,000-room hotel in October 2017. The deal included a 20-year tax break and $13 million for the buyer.
Arne Sorenson, president and CEO of Marriott said in a statement said the move was “going back to Sheraton’s roots as being the heart of the community.”
The Maryland-based hospitality company has plans for the hotel similar to what was done with the Charlotte (N.C.) Marriott City Center in 2016.
The hotel was renovated and rebranded as M Beta and labeled an “innovation lab,” relying on advanced technology such as real-time guest feedback.
The changes added a nontraditional front desk check-in, taking down a wall between the kitchen and dining area, cooking classes and an on-demand fitness studio.
Renovations were expected to begin next year and public space on the site was in the plans.
The 31-story hotel opened in 2008 as the Sheraton Downtown Phoenix and is the tallest hotel in town.
The city council had OK’d $350 million for construction.
