The city of Phoenix announced in February 2016 that it was selling its money-losing downtown hotel, the Sheraton, to a private investor.
The sale was set for $300 million, $50 million less than the city paid to build and open it in 2008.
But now, the city says that investor wasn’t able to follow through, and they’re open to new buyers.
The Show’s Lauren Gilger speaks to Deputy City Manager Paul Blue to talk more about this. He says they’re still talking to that original investor, but they’re open to anyone who’s interested at this point.
