Summary:
- Brookfield acquired the 33-story Sheraton Phoenix Downtown in Arizona.
- JLL Hotels & Hospitality brokered the sale.
- The city’s largest hotel is near the Phoenix Convention Center.
BROOKFIELD HOTEL PROPERTIES recently acquired the 1,003-key Sheraton Phoenix Downtown in Phoenix from Blackstone. The 33-story hotel is the city’s largest.
Purchased by Blackstone for $268 million in 2020, the hotel has 112,000 square feet of meeting and event space, 26 meeting rooms, 20 breakout spaces and capacity for 2,510 guests, JLL Hotels & Hospitality group, broker for the deal, said in a statement. Nearby attractions include the Phoenix Convention Center, Footprint Center, Chase Field, Phoenix Symphony Hall, Arizona State University’s Downtown Phoenix campus and the Phoenix Bioscience Core.
Built in 2008, the hotel was renovated in 2020 for $45 million, the statement said. It spans 806,481 square feet, with eight room types on floors five through 33 and includes a 4,300-square-foot fitness center and an outdoor pool.
New York-based Brookfield is led by CEO Alok Aggarwal.
“The Sheraton Phoenix Downtown combines institutional quality, strategic location and scale to attract top-tier capital,” said Matt Riley, JLL Hotels’ senior director.
JLL recently brokered the sale of The Boxer Boston, an 80-room hotel in Boston’s West End, to Eurostars Hotels, part of Spain’s Grupo Hotusa.
