[Source: Alacra Store abstract]
On March 24, 2011, Standard & Poor’s Ratings Services lowered its rating on the Downtown Phoenix Hotel Corp.’s hotel net revenue bonds series 2005 A to ‘BB+’ from ‘BBB-‘ and revised the outlook to stable from negative. The project used the debt to build a 1,000-room convention center headquarters hotel in downtown Phoenix.
The hotel opened in late September 2008 and is operating under a Sheraton Corp. flag. The project completed construction on time and within budget and closed out the construction contracts in 2010. The rating action reflects a slower-than-expected ramp-up over the past two years caused by the recession’s impact on downtown Phoenix’s hospitality sector.
Also see: Moody’s slashes bond rating for Downtown Phoenix Hotel Corp. (December 23, 2010)