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Marriott Sells Sheraton Phoenix Downtown for $268M
Less than two years after acquiring the 1,000-room Sheraton Phoenix Downtown hotel, Marriott International Inc. sold the property to Blackstone Group for $268 million. Marriott will continue operating the property at 340 N. 3rd St. under a long-term agreement with Blackstone.
The city of Phoenix developed and opened the hotel in 2008, spending $350 million in the process. Marriott paid $255 million for the property in June 2018. During its hold, Marriott began renovating the 33-story hotel, focusing on upgrades to the rooms and restaurants. Renovations are scheduled for completion in the first half of 2020.
In addition to guest rooms, the hotel has 77,000-square-feet of meeting space, a pool terrace and fitness center.
For comments, questions or concerns, please contact Amy Sorter
- ◦Sale/Acquisition
