Marriott International to Buy City-Owned Sheraton Phoenix Grand

Marriott International has announced it will buy the city-owned, 1,000-room Sheraton Grand Phoenix for $255 million. The hotel giant plans to renovate the property's guest rooms and public spaces "to transform the property into a cutting-edge model for the Sheraton brand." Renovations are scheduled for completion in 2019.

The 33-story property debuted in 2008 in the heart of Phoenix's downtown, near the Phoenix Convention Center. The hotel has 77,000 square feet of meeting space, a business center, a fitness center and a fourth-floor outdoor pool with a poolside bar, as well as a lobby restaurant and bar.

"The hotel will provide a living and breathing showcase of our new vision for the Sheraton brand, underscoring our commitment to restore the brand to its leadership position," said Arne Sorenson, president and CEO, Marriott International. "Going back to Sheraton's roots as being the heart of the community, the renovated hotel will showcase the brand's new focus on services and design that enable socialization, productivity and personalization, featuring collaborative venues and technology that enable unique experiences. The Sheraton Grand Phoenix will become a wonderful destination for locals and out-of-towners."