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This audio is auto-generated. Please let us know if you have feedback<\/a>.<\/p>\n Dive Brief:<\/p>\n Dive Insight:<\/p>\n 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, the largest in the downtown market, according to JLL.\u00a0<\/p>\n The hotel also benefits from proximity to the Footprint Center, Chase Field and Phoenix Symphony Hall, according to JLL. Additionally, the property borders Arizona State University’s Downtown Phoenix Campus and the expanding Phoenix Bioscience Core.<\/p>\n \u201cPhoenix 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\u2019s downtown campus,\u201d JLL Senior Director Matt Riley said in a statement. \u201cThis transaction validates the strength of the market fundamentals and the appeal of irreplaceable urban assets.\u201d<\/p>\n Last year, local hospitality pros told Hotel Dive that sports tourism and a flourishing manufacturing sector were driving hotel performance gains<\/a> in the Phoenix metropolitan area.\u00a0<\/p>\n According to the Brookfield spokesperson, Phoenix \u201crepresents one of the nation\u2019s most compelling growth markets, supported by strong demographic tailwinds, a pro-business climate, and rapid expansion across technology and AI-related industries.\u201d\u00a0<\/p>\n The Sheraton Phoenix Downtown \u201cis ideally positioned at the center of this dynamic environment,\u201d making it an ideal investment opportunity, the spokesperson said.\u00a0<\/p>\n Following Blackstone\u2019s 2020 acquisition, the hotel completed a $45 million renovation that modernized its amenities and design, according to JLL. In addition to an outdoor pool and 4,300-square-foot fitness center, the property has three food and beverage concepts, including signature restaurant Carcara and a bar and grill on the fourth-floor poolside terrace.\u00a0<\/p>\n The property offers eight different room types, from traditional king and double rooms to 1,625-square-foot Governor\u2019s Suites. All of the guest rooms offer views of the city or the surrounding mountain ranges.<\/p>\n The deal comes after Blackstone sold the Turtle Bay Resort<\/a> on Oahu, Hawaii, for $725 million in 2024. Earlier this year, the firm acquired the Kimpton Hotel Eventi in New York City<\/a> for $175 million as well as the 785-key Sunseeker Resort Charlotte Harbor<\/a> along the Gulf Coast of Florida for $200 million.\u00a0<\/p>\n\n