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Marriott sells Sheraton Phoenix Downtown hotel for $268M

A Marriott International Inc. unit sold the Sheraton Phoenix Downtown hotel for $268 million.

The buyer was an affiliate of private equity giant The Blackstone Group Inc.

The hotelier said it will continue to operate the hotel, which features 1,003 guest rooms and approximately 77,000 square feet of meeting space, under a long-term management agreement with Blackstone. The property is undergoing a renovation, with completion scheduled for the first half of 2020.