TLG Investment Partners and Concord Wilshire Capital announced they have purchased the Sheraton Grand Hotel in Phoenix for $255 million, with Marriott International operating as major capital partner and manager of the property.
FORT LAUDERDALE, Florida, June 28, 2018—TLG Investment Partners and Concord Wilshire Capital announced today the acquisition of the Sheraton Grand Hotel located in Phoenix, Arizona for $255.0 million through an affiliate of TLG Phoenix, LLC. Marriott International is the majority capital partner with TLG and Concord Wilshire and will be managing the asset.
TLG Investment Partners is a Fort Lauderdale based real estate investment firm headed by Leland Pillsbury and Christopher Nieberding, which invests in multiple classes of real estate including recreation, residential and commercial properties.
Concord Wilshire Capital is a joint venture partner with TLG Investment Partners. They are a national real estate development and investment firm headed by Nate Sirang, which specializes in hospitality and residential assets.
The Sheraton Grand Phoenix is situated in the heart of downtown less than two blocks away from the 900,000 square foot Phoenix Convention Center as well as near the downtown campus of the University of Arizona and Chase Field, home of the Arizona Diamondbacks.
“The City of Phoenix has implemented a visionary revitalization plan over the last several years to spark growth in one of the most dramatic and exciting urban markets in the country,” said Leland Pillsbury, Chairman and CEO TLG Investment Partners. “They invested over $4 billion in transportation, office, residential, education, research, arts, culture, sports, and hospitality. We are delighted to be a part of this vibrant city.”
The property features 1,000 guest rooms and suites and approximately 114,000 square feet of indoor and outdoor meeting space, making it the largest hotel in Arizona and one of the premier convention center hotels in the Western United States.
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