The new 1,000-room Sheraton hotel slated to open in Downtown Phoenix, just one block from the expanding Phoenix Convention Center, is now fully funded.  Reflecting Wall Street’s confidence in Phoenix’s convention future, the bonds for the project sold at a favorable blended rate of 5.28%. 

Groundbreaking for the project is set for February, and the 31-story building will open in the Fall of 2008.

Likewise, the expansion bonds for the Phoenix Convention Center sold earlier this year at favorable rates. 

The all-in true interest cost for the
Series A was 4.6249% and the Series B was 4.7301%, also indicative of the
positive response the expansion in Phoenix has received from institutional
investors.

  The Sheraton will be located on the Northwest corner of Third and Van
Buren streets one block from the new convention center.  The opening of the
hotel will coincide with the debut of the completed expansion of the Phoenix
Convention Center, which will triple in size to more than 900,000 square feet.

  The Sheraton will boast a 29,000-square-foot ballroom, and another about
half that size.  Also included will be 42 meeting rooms for a total of 80,000
square feet of meeting space.

  “This announcement is another exciting move forward in our efforts to
create a more vibrant, revitalized Downtown Phoenix,” said Mayor Phil Gordon.
“By adding to our list of downtown hotels, the new Sheraton is going to
enhance our meetings and convention business at the expanded Phoenix
Convention Center by significantly increasing downtown hotel occupancy
opportunities.”

  The Sheraton and convention center expansion projects, along with a
225-room W hotel and METRO light rail, will all debut in 2008—further
positioning Downtown Phoenix as an energized hub for commerce, culture and
more.

  The new Sheraton Hotel will complement current downtown hotels that
include the Hyatt Regency (712 rooms) and the Wyndham Phoenix (532 rooms).
More than 2,900 downtown rooms are available to meeting planners for
committable blocks.
  “The new Phoenix, fully open in late 2008, is night-and-day different than
our meetings package of the late 90s,” said Steve Moore, CEO of the Greater
Phoenix CVB.  “This community’s commitment to our industry is phenomenal.”

  Downtown Phoenix provides visitors with a wide array of outlets for
cuisine, entertainment and culture.  The Herberger Theater Center, Symphony
Hall, Orpheum Theatre, Arizona Center, Dodge Theatre, Arizona Science Center,
Chase Field (formerly Bank One Ballpark) and US Airways Center (formerly
America West Arena) are just a few of the adjacent options available to
visitors.
  The world-renowned Heard Museum and the Phoenix Art Museum are also within
two miles and on the future light rail route.
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