Marriott International last week announced that it had purchased the 1,000-room Sheraton Grand Phoenix hotel in Phoenix, Arizona, USA for $255 million.

Marriott has plans for a significant renovation covering the downtown Phoenix hotel’s guest rooms and public space to transform the property into a cutting-edge model for the Sheraton brand.

The 33-story Sheraton Grand Phoenix opened in 2008 and is located in the heart of Phoenix’s downtown, where more than $4 billion has been invested over the past six years in office space, retail, restaurants, educational facilities and convention space.

The Grand is also within walking distance to major sports teams’ venues and has played a role for national events that Phoenix has hosted including the Super Bowl, Final Four and large international conferences.

The hotel features about 77,000 square feet of meeting space, a business center, a fitness center, a fourth-floor outdoor pool with a poolside bar, as well as a lobby restaurant and bar. The company expects to commence renovations in 2019.

Marriott International is based in Bethesda, Maryland, USA, and encompasses a portfolio of more than 6,500 properties in 30 leading hotel brands spanning 127 countries and territories.