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Phoenix’s Largest Hotel Trades Hands
The Sheraton Phoenix Downtown, a 1,003-room convention center hotel, traded hands. Brookfield Asset Management was the buyer. The hotel is on land owned by the City of Phoenix. So, the sales price was not subject to public disclosure.
JLL represented Blackstone, the seller. In 2020, the Marriott sold the hotel to Blackstone for $268 million.
The 33-story Sheraton Phoenix Downtown stands as the city’s largest hotel, featuring 112,000 square feet of flexible meeting and event space, including the 27,200-square-foot Phoenix Ballroom, the largest in the downtown market, and the 14,000-square-foot Valley of the Sun Ballroom.
Built in 2008 and enhanced through a comprehensive $45 million renovation completed in 2020, the hotel showcases modern amenities throughout its 806,481-square-foot tower.
The JLL Hotels & Hospitality team was led by Matt Riley, who stated, “The Sheraton Phoenix Downtown represents the rare combination of institutional quality, strategic location and significant scale that attracts best-in-class capital.”
- ◦Sale/Acquisition
