|
|
11/19/25
|
Brookfield has acquired the Sheraton Phoenix Downtown, a 1,003-room convention center hotel in the heart of Arizona's capital city, in a deal we’re told is one of the largest hotel sales by room count in Arizona's history. The property, located at 340 North 3rd St, was sold by Blackstone, who purchased the asset in 2020 for $268 mil.
The 33-story Sheraton Phoenix Downtown stands as the city's largest hotel, featuring 112k sf of flexible meeting and event space, including the 27.2k sf Phoenix Ballroom, the largest in the downtown market, and the 14k sf Valley of the Sun Ballroom. The property offers 26 total meeting rooms, with the largest space accommodating up to 2,510 guests and 20 breakout rooms available for concurrent sessions.
Built in 2008 and enhanced through a comprehensive $45 mil renovation completed in 2020, the hotel showcases modern amenities and sophisticated design throughout its 806.5k sf tower. All guestrooms, located on floors five through 33, feature stunning views of downtown Phoenix and the surrounding mountain ranges. The property includes eight different room types, from traditional king and double rooms to its impressive 1.6k sf Governor's Suites.
The hotel's food and beverage program features three distinctive concepts: Carcara, the signature restaurant, which was recently renovated, offering Arizona-inspired cuisine with Sonoran influences; &More by Sheraton, a versatile venue serving as coffee shop, grab-and-go market and evening bar; and Breeze Bar & Grill, located on the fourth-floor poolside terrace and offering panoramic downtown views. Additional amenities include a state-of-the-art 4.3k sf fitness center, outdoor pool, Sheraton Club Lounge and comprehensive business services.
Strategically positioned just two blocks from the Phoenix Convention Center, the hotel benefits from its proximity to major demand generators including the Footprint Center, Chase Field and Phoenix Symphony Hall. The property borders Arizona State University's Downtown Phoenix Campus and the expanding Phoenix Bioscience Core, while serving as the preferred headquarters hotel for the Phoenix Convention Center.
Matt Riley led a JLL Hotels & Hospitality team that represented the seller in the deal.
"The Sheraton Phoenix Downtown represents the rare combination of institutional quality, strategic location and significant scale that attracts best-in-class capital," said Riley. "Phoenix has established itself as one of the most dynamic lodging markets in the United States, with downtown benefiting from diverse demand drivers including expanding convention business, corporate relocations and the growing influence of Arizona State University's downtown campus. This transaction validates the strength of the market fundamentals and the appeal of irreplaceable urban assets."
|
|
 Return to the previous page
|
|
|
|
|
Printer-friendly Version
Email an Associate
