(Wikimedia Commons)

The city of Phoenix has officially sold the Sheraton Grand Phoenix hotel this week after several years on the market.

Marriott International is paying $250 million for the 1,000-room hotel in the heart of Phoenix. That’s about $50 million less than the city owes for the property.

The city last year approved the sale of the 33-story hotel it opened in 2008 to a Florida-based investment company.

Dave Krietor, CEO of Downtown Phoenix Incorporated, said the transaction will provide a facelift to a major city building.

“The hotel is fraying a little bit around the edges and needs significant investment in refurbishing the hotel and refreshing it," Krietor said. "And now I think you’ve got owners that have committed to do that, I’m not sure the city was in a place where it could have done that.”

Marriott said in a press release it is planning significant renovations to "transform the property into a cutting-edge model for the Sheraton brand."