Among
the noteworthy deals of the past week was Brookfield’s acquisition from Blackstone of the
Sheraton Phoenix Downtown.
PHOENIX —
Brookfield Hotel Properties has acquired the 1,003-key Sheraton Phoenix
Downtown, the largest hotel in the city, from Blackstone for an undisclosed
amount.
The property
last sold in January 2020 for $268 million when Blackstone purchased the hotel
from Marriott International. Marriott had purchased the hotel 18 months earlier
from the city of Phoenix.
The hotel
underwent $45 million in renovations in 2020. It has over 112,000 sq. ft. of
flexible event and meeting space, including 27,200 sq. ft. and 14,000 sq. ft.
ballrooms. The property sits just two blocks from the Phoenix Convention
Center.
For more on
this deal, click here.
To download
our list of deals from the past week in Excel format, click here.