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Phoenix’s deal to sell taxpayer-owned Sheraton hasn’t yet closed.

The iconic Hyatt Regency Phoenix, one of downtown’s biggest hotels, sold for $107 million Thursday.

The buyer was an investor group led by Chicago-based Gem Realty, according to public real-estate records. Los Angeles-based DiNapoli Capital Partners, which bought the hotel for $96 million in 2008, sold the property.

The 41-year-old Hyatt, with its revolving Compass restaurant on the 24th floor, is a downtown institution. But the 693-room hotel has seen increased competition over the past several years.

Newer hotels include Arizona’s largest hotel, the 1,000-room Sheraton Phoenix Downtown, the Westin Downtown Phoenix and the Hotel Palomar Phoenix, downtown’s first Kimpton Hotel.

Longtime competitor Renaissance Phoenix Downtown just completed a renovation that included a splashy new lobby and the addition of a new saloon called Dust Cutter.

A 2016 deal for Phoenix to sell the taxpayer-owned Sheraton for $300 million hasn’t yet closed. A Florida investment firm has been negotiating to buy the hotel.

Gem Realty didn’t return phone calls about the purchase of the Hyatt. The buyer put a $5.75 million down payment on the hotel.

Privately held Gem has owned other U.S. hotels, including the Sofitel in Los Angeles and the Waldorf Astoria in Orlando.

The Hyatt was designed by Charles Luckman and Associates, the firm that designed the Phoenix Convention Center and Phoenix Symphony Hall.


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