A long-shuttered Phoenix hotel will be transformed into a residential development after a partnership between a hospitality company and a residential management firm bought the property.
The Sheraton Crescent, located at Interstate 17 and Dunlap Avenue, has been closed since 2023, after an electrical fire and water significantly damaged the building, creating a power shutdown. The buyer is Foundation 8 LLC, a partnership between Gia Hospitality and Trillium Management, which was created to acquire underperforming real estate assets in high-growth markets.
The 342-room hotel was purchased out of receivership for $9.25 million, according to Maricopa County documents. The partnership bought the property from New Crescent Investments, which had owned it since 2012, according to Maricopa County documents…