Marriott Buys Sheraton Grand Phoenix, Plans to Transform the Property and Brand
Marriott International has purchased the 1,000-room Sheraton Grand Phoenix hotel for $255 million. The property is slated for a significant renovation designed to transform it into a model for the revamped Sheraton brand. Marriott acquired Sheraton as part of the Starwood Hotels & Resorts Worldwide purchase in Sept. 2016.
In early June, Marriott International revealed its comprehensive transformation strategy for the Sheraton brand, building a 4,200 square foot vignette at the NYU International Hospitality Industry Investment Conference in New York.
The new brand strategy is focused on enabling socialization, productivity and personalization through collaborative venues, technology enabled designs and a host who helps deliver a distinctive experience that is exclusive to Sheraton.
“From the moment we closed the Starwood merger in late 2016, the revitalization of Sheraton has been a top priority for our company,” said Arne Sorenson, president and CEO of Marriott International.
He added, “The Sheraton Grand Phoenix will provide a living and breathing showcase of our new vision for the Sheraton brand, underscoring our commitment to restore the brand to its leadership position.”
The 33-story Sheraton Grand Phoenix opened in 2008 as the Sheraton Phoenix Downtown and was given the “Grand” designation in Nov. 2015, when the brand’s premier tier was launched. Sheraton Grand hotels and resorts are recognized for their destinations, distinguished designs and excellence in service and guest experiences.
With approximately 77,000 sq. ft. of indoor function space, which includes a 27,000 sq. ft. ballroom and 20 meeting rooms, several of which can be divided to create additional space, the hotel can easily host groups of more than 1,000 attendees. Each breakout room is equipped with the latest in meeting technology, including audiovisual resources, video conferencing capabilities and high speed internet connectivity.
The hotel also offers a business center, a fitness center, an outdoor pool and a lobby restaurant and bar.
“Going back to Sheraton’s roots as being the heart of the community, the renovated hotel will showcase the brand’s new focus on services and design that enable socialization, productivity and personalization, featuring collaborative venues and technology that enable unique experiences,” Sorenson explained.
The property is located in downtown Phoenix, a two-minute walk from the Phoenix Convention Center and five miles from Phoenix Sky Harbor International Airport. In the past six years, more than $4 billion has been invested in the office space, retail, restaurants, educational facilities and convention space within the area.
Globally, 25 percent of Sheraton hotels have committed to an estimated $500 million in renovations to meet the new brand standards, with some already underway. Marriott expects to begin renovations on the Sheraton Grand Phoenix in 2019.