Marriott sells Sheraton Grand in downtown Phoenix for $268M
PHOENIX — The Sheraton Grand in downtown Phoenix has changed owners once again.
Marriott sold the 1,003-room hotel near Third and Van Buren streets to The Blackstone Group last week for $268 million, according to a Securities and Exchange Commission filing.
According to the document, Marriott will continue to operate the hotel under a long-term agreement with Blackstone, a New York-based real estate company.
The Maryland-based hospitality company purchased the hotel from the city of Phoenix in 2018 for $255 million and began renovations.
According to the SEC filing, those renovations are expected to be completed in the first half of this year.
The hotel said in a Facebook post renovated guest rooms were available starting Jan. 7.
As part of the 2018 deal, the city gave Marriott $13 million from its capital replacement fund for the renovations and a 20-year tax break.
The 31-story hotel opened in 2008 after the Phoenix City Council had approved $350 million for construction.
The city built the hotel to increase the number of hotel rooms available for the nearby convention center.