Marriott sells Sheraton Grand in downtown Phoenix for $268M

Jan 16, 2020, 9:30 AM
(Facebook Photo)...
(Facebook Photo)
(Facebook Photo)

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.

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Marriott sells Sheraton Grand in downtown Phoenix for $268M