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.
