- Associated Press - Tuesday, February 2, 2016

PHOENIX (AP) - More than a year after the Phoenix City Council began to look at ways to sell a city-owned downtown hotel someone has put in an offer on the property.

TLG Phoenix, an affiliate of Thayer Lodging Group, has made a cash offer to purchase the Sheraton Grand Phoenix hotel for $300 million. The council will vote to authorize the sale on Wednesday.

The city’s decision to get into the hotel business eight years ago has been criticized. The hotel has lost at least $29 million, and city officials say that figure could climb to $32 million with the sale. Phoenix currently owes about $306 million on the 1,000-room hotel.

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