Phoenix Investment Group Converting Sheraton Crescent to Apartments

Foundation 8 purchased the troubled Sheraton Crescent in Phoenix, and plans to convert the hotel units to 1,786 apartment units. Foundation 8 bought it out of receivership for $9.25 million. The 342-room Sheraton Crescent had been in receivership, and closed, for three years. Besides Foundation 8, Trillium and Gia Hospitality are part of a team...