By Corina Vanek | azcentral (abridged)
The property, which will be renamed the Crescent, will be converted into a residential development and feature 258 apartment units, ranging in size from studios to two-bedroom units. The partnership also plans to construct three additional apartment buildings on the remaining land on the property.
Aerial photo shows shuttered Sheraton Crescent hotel. The property was purchased by a development group that plans to reuse it for apartments.
A Phoenix hotel that has been closed since 2023 was bought out of receivership and is planned to become apartments.
The Sheraton Crescent, located on Interstate 17 and Dunlap Avenue, east of I-17 from the redevelopment of Metrocenter Mall, was purchased with plans to convert the building into apartments, and develop new buildings on the grounds.
Foundation 8 LLC, a partnership between Gia Hospitality and Trillium Management, which was created to acquire underperforming real estate assets in high-growth markets, bought the property.
The hotel has been closed since 2023, after water damage created an electrical fire that caused a power shutdown. The 342-room hotel was purchased out of receivership for $9.25 million, according to Maricopa County documents.
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