TLG Investment Partners and Concord Wilshire Acquire Sheraton Grand Hotel in Phoenix, Arizona for $257.6 Million
TLG Investment Partners and Concord Wilshire Capital announced
the acquisition of the Sheraton Grand Hotel located in Phoenix, Arizona
for $255.0 million through an affiliate of TLG Phoenix, LLC. Marriott
International is the majority capital partner with TLG and Concord
Wilshire and will be managing the asset.
TLG Investment Partners is a Fort Lauderdale based real estate
investment firm headed by Leland Pillsbury and Christopher Nieberding,
which invests in multiple classes of real estate including recreation,
residential and commercial properties.
Concord Wilshire Capital is a joint venture partner with TLG Investment Partners. They are a national real estate development and investment firm headed by Nate Sirang, which specializes in hospitality and residential assets.
The Sheraton Grand Phoenix is situated in the heart of downtown less than two blocks away from the 900,000 square foot Phoenix Convention Center as well as near the downtown campus of the University of Arizona and Chase Field, home of the Arizona Diamondbacks.
“The City of Phoenix has implemented a visionary revitalization plan over the last several years to spark growth in one of the most dramatic and exciting urban markets in the country,” said Leland Pillsbury, Chairman and CEO TLG Investment Partners. “They invested over $4 billion in transportation, office, residential, education, research, arts, culture, sports, and hospitality. We are delighted to be a part of this vibrant city.”
The property features 1,000 guest rooms and suites and approximately 114,000 square feet of indoor and outdoor meeting space, making it the largest hotel in Arizona and one of the premier convention center hotels in the Western United States.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
