Summary
Marriott International, Inc. (MAR) has announced the sale of the Sheraton Phoenix Downtown hotel for $268 million to an affiliate of The Blackstone Group. This transaction is part of Marriott's strategic initiative to revitalize the Sheraton brand. Marriott acquired the hotel in 2018 and has since undertaken a significant renovation to align it with the new brand vision. The sale proceeds will likely contribute positively to Marriott's liquidity and capital structure.
Key Highlights
- 1Marriott sold the Sheraton Phoenix Downtown hotel for $268 million.
- 2The buyer is an affiliate of The Blackstone Group Inc.
- 3Marriott will continue to operate the hotel under a long-term management agreement.
- 4The sale aligns with Marriott's strategy to reinvent the Sheraton brand.
- 5The hotel underwent a transformational renovation initiated in 2018.
- 6The renovation is expected to be completed in the first half of 2020.
- 7The hotel features 1,003 guest rooms and approximately 77,000 square feet of meeting space.