“We have two ears and one tongue so that we would listen more and talk less. “
Diogenes
Feb 1, 2016, 6:57pm MST Updated Feb 1, 2016,
https://www.marriott.com/hotels/travel/phxgp-sheraton-grand-phoenix/.
The city of Phoenix is selling the 1,000-room in downtown to a Maryland group for $300 million. Sheraton Grand Phoenix Hotel
https://www.marriott.com/hotels/travel/phxgp-sheraton-grand-phoenix/.
An arm of Annapolis-based Thayer Lodging Group, TLG Phoenix LLC, is buying the city owned hotel at Van Buren and Third Streets. The deal includes a $1 ground lease.
The Phoenix City Council will consider the sale at its Wednesday meeting.
Thayer is headed by former Marriott executive Leland Pillsbury and Frederic Malek, a heavy hitter in Washington business and political circles.
Thayer is owned by Brookfield Asset Management. Thayer also has Chinese partners.
It owns The Ritz-Carlton in San Francisco, Hotel 1000 in Seattle and the San Diego Marriott Del Mar.
Thayer officials could not be reached for comment.
Selling the hotel will give the city of Phoenix more latitude in financing and building a new arena for the Phoenix Suns and perhaps the Arizona Coyotes. The city put the hotel up for sale late last year.
The downtown Sheraton has struggled financially since the city built it in 2008. Pillsbury is listed as the corporate manager of TLG Phoenix, according to Arizona Corporation Commission filings.
Mike Sunnucks writes about residential and commercial real estate, government, law, sports business and workplace issues.
http://www.bizjournals.com/phoenix/news/2016/02/01/phoenix-selling-downtown-sheraton-for-300m.html
FROM ME:
Phoenix Commercial Real Estate and Investment Real Estate: investors and Owner / Users need to really know the market today before making a move in Commercial Properties or Investment Properties in Phoenix / Tucson / Arizona, as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land in Phoenix / Tucson / Arizona. Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial Properties and Investment Properties.
I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also international. Click here to find out what is a CCIM: https://en.wikipedia.org/wiki/CCIM
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Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
Please reply by e-mail walterunger@ccim.net or call me on my cell 520-975-5207
Walter Unger CCIM
Senior Associate Broker
Kasten Long Commercial Group
2821 E. Camelback Rd. Suite 600
Phoenix , AZ 85016
Direct: 520-975-5207
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