Marriott International has purchased the 1,000-room Sheraton
Grand Phoenix for $225 million and plans a significant renovation that will
turn the property into a model for its overhaul of the Sheraton brand.
"The hotel 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," Marriott president and CEO
Arne Sorenson said.
"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. The Sheraton Grand Phoenix will become a wonderful destination for
locals and out-of-towners."
Marriott unveiled its plans for transforming the Sheraton
brand earlier this month at the 40th annual NYU International Hospitality
Industry Investment Conference, saying 25% of the brand's owners have committed
$500 million to the renovations.
The revitalization of the brand, which constitutes 30% of
Marriott's portfolio, has been a top priority from the moment Marriott took over
the brand as part of its merger with Starwood Hotels and Resorts in 2016,
Starwood admitted in 2007 that it nearly gave up on
Sheraton. Instead, it launched a $4 billion effort in 2008 to make the brand
more consistent globally with renovations and a purge of subpar hotels.
But Marriott said those attempts were disjointed, failing to
focus on the whole picture.
The 33-story Sheraton Grand Phoenix opened in 2008 and is
located in the heart of downtown
Phoenix. The hotel features about 77,000 square feet of meeting space, a
business center, a fitness center, a fourth-floor outdoor pool with a poolside
bar, as well as a lobby restaurant and bar. The company expects to begin
renovations in 2019.