[[{“value”:”
**Phoenix’s Largest Hotel Trades Hands**
The Sheraton Phoenix Downtown, a 1,003-room convention center hotel and the largest hotel in the city, has changed ownership. Brookfield Asset Management acquired the property, which is located on land owned by the City of Phoenix. Due to the land ownership structure, the transaction price was not publicly disclosed.
JLL represented the seller, Blackstone, in the deal. Blackstone previously acquired the hotel from Marriott in 2020 for $268 million.
The towering 33-story Sheraton Phoenix Downtown offers 112,000 square feet of flexible meeting and event space. This includes the 27,200-square-foot Phoenix Ballroom— the largest in the downtown market— and the 14,000-square-foot Valley of the Sun Ballroom.
Originally built in 2008, the hotel underwent a comprehensive $45 million renovation in 2020, modernizing its 806,481-square-foot structure and enhancing its amenities.
Matt Riley of JLL Hotels & Hospitality led the transaction. Commenting on the deal, Riley stated, “The Sheraton Phoenix Downtown represents the rare combination of institutional quality, strategic location, and significant scale that attracts best-in-class capital.”
“}]]
