Landmark Title handled the closing for Foundation 8 LLC’s acquisition of the Sheraton Crescent, built by the late Charles Keating in 1986. The iconic hotel located at the corner of Dunlap and Interstate17 closed in 2023 after an electrical fire. The property had been in receivership for three years.
Foundation 8 LLC is a partnership between Gia Hospitality and Trillium Management,
The 342-room hotel was purchased out of receivership for $9.25 million, according to Maricopa County documents. The partnership bought the property from New Crescent Investments, which had owned it since 2012, according to Maricopa County documents.
Plans for the long-shuttered Phoenix hotel is to convert the property into a residential development renamed the Crescent. It will feature 258 apartment units, ranging in size from studios to two-bedroom units.
Click to learn more about the transaction and the project development plans.