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City council approves sale of Sheraton hotel

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Posted at 6:58 AM, Feb 04, 2016
and last updated 2016-02-04 08:58:51-05

The Phoenix City Council has approved the sale of a city-owned downtown hotel.

The council on Wednesday approved the sale of the Sheraton Grand Phoenix to TLG Phoenix, an affiliate of Thayer Lodging Group.

The company made a cash offer to purchase the 1,000-room hotel for $300 million.

Councilman Michaell Nowakowski said the sale eliminates future financial risk for the city, relieves debt and brings in an experienced owner.