REBusinessOnline

Marriott Sells Sheraton Phoenix Downtown to Blackstone Group for $268M

Sheraton-Phoenix-Downtown-AZ

Sheraton Phoenix Downtown features 1,003 guest rooms, nearly 77,000 square feet of meeting space, a fitness center and a lap pool. (Photo courtesy of Marriott International)

PHOENIX — A subsidiary of Marriott International has completed the disposition of Sheraton Phoenix Downtown, located at 340 N. Third St. in Phoenix. An affiliate of The Blackstone Group acquired the asset for $268 million.

The hotel features 1,003 guest rooms, nearly 77,000 square feet of meeting space, a fitness center and lap pool. Marriott acquired the hotel in 2018 and began a major renovation to create a showcase hotel for the new Sheraton brand vision. The project is slated for completion in the first half of this year.

Marriot will continue to operate the hotel under a long-term management agreement with the buyer.

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