Will Phoenix sell the Sheraton in downtown?

Posted at 6:52 AM, Feb 02, 2016
and last updated 2016-02-02 08:52:19-05

There's a deal on the table to purchase the Sheraton Grand Phoenix in downtown.

The property, located at 3rd Street and Van Buren, has been plagued with financial issues since it opened during the recession in 2008.

A Maryland-based company is hoping to pay $300 million dollars for the hotel.

If Phoenix city leaders decide to sell, it would give the city more money to either renovate Talking Stick Resort Arena -- or possibly build a new arena.

City Council is expected to take up the vote Wednesday.