- Associated Press - Thursday, February 4, 2016

PHOENIX (AP) - The Phoenix City Council has approved the sale of a city-owned downtown hotel.

The council on Wednesday approved the sale of the Sheraton Grand Phoenix to TLG Phoenix, an affiliate of Thayer Lodging Group.

The company made a cash offer to purchase the 1,000-room hotel for $300 million.

Councilman Michael Nowakowski says the sale eliminates future financial risk for the city, relieves debt and brings in an experienced owner.

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This story has been corrected to show the councilman’s name is Michael, not Michaell.

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