PHOENIX — The largest hotel in Arizona has a new owner.
The Sheraton Phoenix Downtown, a premier 1,003-room convention center hotel located on the corner of Van Buren and 3rd streets, has been sold to Brookfield Asset Management Ltd. (NYSE: BAM).
The financial details of the deal were not disclosed.
The hotel is built on land owned by the city of Phoenix and operates under a ground lease with the city. Because the actual land was not sold, the transaction is not subject to Arizona’s real estate transaction disclosure laws.
Blackstone Group Inc. (NYSE:BX), the seller, was represented by JLL’s Hotels & Hospitality group in the transaction. Blackstone acquired the property in February 2020 from Marriott International Inc. (Nasdaq: MAR) for $268 million.
