Real estate investor buys Sheraton Phoenix Downtown

Article originally posted on AZ Central on November 18, 2025

The Sheraton Phoenix Downtown, the city’s largest hotel, was purchased by New York-based Brookfield Properties, according to Maricopa County records.

“We are honored that Brookfield chose to invest in Sheraton Phoenix Downtown and in our local community,” said Brady Lamar, manager of the hotel.  “We look forward to partnering with our new ownership team.”

An entity tracing to real estate giant Blackstone Group sold the property, which it purchased in early 2020 from Marriott. The property is leased from Phoenix, which was the hotel’s original owner.

The 1,003-room hotel is 30 stories tall and includes 112,000 square feet of flexible meeting and event space. It was built in 2008 and renovated for $45 million in 2020. The property includes Carcara, its signature restaurant, a coffee shop, bar and grab-and-go market and the Breeze Bar & Grill, located on the poolside terrace.

Brokers from JLL 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,” Matt Riley, one of the brokers who led the deal, said in a statement.

“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,” he added