Sheraton Phoenix Downtown Hotel to be Sold in Light of Financial Trouble
After careful consideration, the city of Phoenix is in talks of selling the Sheraton Phoenix Downtown Hotel in favor of a new downtown arena for the Phoenix Suns. The hotel has seen an extreme loss of approximately $38 million since opening in 2008, and the future of the its performance does not look promising. According to Tim Gallen from the Phoenix Business Journal, the city owes about $330 million on the Sheraton, but estimates suggest its value only ranges between $175 m
