The largest hotel in Phoenix just sold in what could be one of the largest hospitality deals in Arizona history.
The Blackstone Group sold the Sheraton Phoenix Downtown hotel to an entity tied to Brookfield Properties, AZ Big Media reported. JLL’s Hotels & Hospitality represented the seller in the transaction, though JLL did not disclose pricing details to The Real Deal. Blackstone purchased the property from Marriott International in 2020 for $268 million.
The 33-story Sheraton Phoenix Downtown boasts 1,003 rooms in the 806,481-square-foot building. with 112,000 square feet of flexible meeting and event space. That includes the 27,200-square-foot Phoenix Ballroom — the largest in downtown — and the 14,000-square-foot Valley of the Sun Ballroom. The hotel at 340 North 3rd Street is a block north of the Phoenix Convention Center, and part of its catering to out-of-town crowds includes 26 total meeting rooms, the largest space able to hold up to 2,510 guests, and 20 breakout rooms.
The hotel was built in 2008 and underwent a $45 million renovation completed in 2020. The hotel features eight different room types across floors five through 33 that range from traditional king and double bed rooms to 1,625-square-foot Governor’s Suites. Floors one through four feature restaurants and amenities for guests, including Arizona cuisine restaurant Carcara; coffee shop, grab-and-go market and evening bar &More by Sheraton; and the poolside Breeze Bar & Grill on the fourth floor. Guests have access to a 4,300-square-foot fitness center, an outdoor pool, Sheraton Club Lounge and comprehensive business services.
Besides functioning as the preferred headquarters hotel for the Phoenix Convention Center, the Sheraton Phoenix Downtown also caters to visitors from Arizona State University’s Downtown Phoenix Campus next door, the Arizona Diamondbacks’ home of Chase Field, the Phoenix Suns and Phoenix Mercury’s home of Mortgage Matchup Center, the Phoenix Symphony Hall and the growing Phoenix Bioscience Core.
Earlier this year, the largest resort in Phoenix, the JW Marriott Phoenix Desert Ridge Resort, sold to Ryman Hospitality Properties for $865 million. New York-based Elliott Investment Management and Hawaii-based Trinity Real Estate Investments sold the 950-room property.
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