Phoenixs Sheraton Crescent Hotel to Transform into Upscale Apartments: A New Chapter for the Iconic Property
The historic Sheraton Crescent Hotel in Phoenix, closed since 2023 due to an electrical fire and water damage, has been sold for $9.25 million to Foundation eight LLC. This partnership between Gia Hospitality and Trillium Management plans to convert the 342-room property into luxury apartments, retaining resort-style features like balconies. The hotel, originally developed by Charles Keating in 1986, has a rich history, including a federal seizure in the late 1980s. This transformation aligns with neighborhood changes, such as the Metropolitans revival from the former Metrocenter Mall.
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