SHERATON CRESCENT HOTEL, CROWNE PLAZA SELL IN PHOENIX
PHOENIX — The Sheraton Crescent and the Crowne Plaza Phoenix Airport hotels have sold to separate all-cash investors. The purchase prices were not disclosed. The 342-room Sheraton Crescent in Phoenix was purchased by New Crescent Investments LLC from FelCor Lodging Trust Inc. The hotel previously operated as a Starwood property but will now function as a Sheraton franchise. The 300-room Crowne Plaza Phoenix Airport was purchased by CHPH, LLC from East Washington Hospitality LLC. The buyer is a partnership that includes Coast Hotels and Resorts. The property will soon be rebranded as a Coast Hotel. Both properties will undergo significant renovations. The hotels were sold by Bill Murney of HREC Investment Advisors' Phoenix office.