Brookfield buys Sheraton Phoenix Downtown from Blackstone [Yahoo! Finance]
Blackstone Inc. (BX)
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Source: Yahoo! Finance
Dive Brief: The Sheraton Phoenix Downtown, a 1,003-key convention center hotel in Arizona's capital city, has sold in “one of the largest hotel sales in Arizona's history ,” according to a release from JLL, which brokered the transaction on behalf of the seller Blackstone Inc. Brookfield acquired the hotel, a company spokesperson confirmed to Hotel Dive Tuesday. The terms of the deal were undisclosed. Blackstone originally acquired the property in 2020 from Marriott International for $268 million. The transaction “aligns seamlessly with Brookfield's hospitality investment strategy” to purchase “high-quality assets in growth markets,” the Brookfield spokesperson said. Meanwhile, the deal follows recent Blackstone hotel deal activity. Dive Insight: The Sheraton Phoenix Downtown stands 33 stories tall and is roughly two blocks from the Phoenix Convention Center. The hotel offers 112,000 square feet of meeting and events space, including the 27,200-square-foot Phoenix Ballroom,
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