Host Hotels & Resorts Inc. is selling its 600-room Sheraton-Memphis Downtown hotel in Memphis, Tenn., to a joint venture between Starwood Capital Group and Schulte Hospitality Group, the Memphis Business Journal reported.
The partners are planning to close on the acquisition April 19, the report said, citing documents filed with the Downtown Memphis Commission.
The Host Memphis LP joint venture is looking to redevelop the convention center hotel in preparation for the city's bicentennial celebration in 2019, the report said, citing a letter sent to the commission by the companies.
The venture has also secured a franchise license agreement with Marriott, the report noted.
Financial terms of the deal were not reported.