AZCentral: Phoenix may sell downtown Sheraton hotel

Phoenix is positioning itself to sell the financially troubled Sheraton Phoenix Downtown Hotel, a move that could force the city and taxpayers to absorb tens of millions of dollars in losses.

City officials from Mayor Greg Stanton to Chief Financial Officer Neal Young said Phoenix is refinancing debt on the hotel so it can get ready to sell the 1,000-room Sheraton, the largest hotel in the state. . .

. . .Councilman Bill Gates, who chairs the body’s finance subcommittee, said it would be in the city’s best interest to sell in the short term if the loss is closer to $10 million or $20 million, but higher amounts become questionable.

“I would support the city selling the hotel at a price that would constitute a small loss if that means we could stop the red ink,” he said. “I don’t want to see us waste the money away by owning a hotel that continues to lose money over a long period of time.”

Read the entire story on AZCentral.com

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About

Bill Gates serves as the District 3 Supervisor for Maricopa County. His Maricopa County District 3 reaches from the far southern boundary of McDowell Road, north to the border of Yavapai County, from the eastern boundary of Scottsdale Road in places, to the western boundary of 43rd Avenue and includes the areas of Anthem, New River, and Desert Hills.

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