A subsidiary of Marriott International sold the Sheraton Phoenix Downtown hotel to an affiliate of The Blackstone Group for $268 million on Jan. 9. Marriott will continue to operate the property under a long-term management agreement with Blackstone.
The Sheraton Phoenix Downtown includes 1,003 guestrooms and nearly 77,000 square feet of meeting space. Situated in the heart of Phoenix, the hotel is within walking distance of the Phoenix Convention Center, Talking Stick Resort Arena, Arizona State University and Chase Field.
Marriott acquired the Sheraton Phoenix Downtown in 2018. Since then, it has been conducting a renovation to create a showcase hotel for its new Sheraton brand vision. Marriott expects the renovation to be completed in the first half of 2020.