TEMPE, AZ— JER Partners has acquired the 210-room Sheraton Phoenix Airport Hotel here. The hotel will be managed by Sage Hospitality Resources of Denver. Neither the identity of the seller nor the purchase price were disclosed. JER plans a comprehensive renovation of the hotels guestrooms, corridors, function space and lobby. In addition, the building’s exterior will be upgraded and a new exterior signage package installed. The hotel is located two miles from Phoenix Sky Harbor International Airport and near Arizona State University, Tempe Town Lake and downtown Tempe. JER Partners is the private equity investment arm of J.E. Robert Companies.
