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The city has owned the Sheraton hotel downtown for a decade, but Phoenix City Council agreed Wednesday to sell it to an out-of-state investor for $255 million. In all, the city reports the hotel resulted in a loss of $87 million — especially after years of losses during the recession.
But today, the Sheraton is actually making money.
Still, most of the council members — except for two — said basically that this is the time to sell. City staff convinced them that the city can’t afford to pay for millions that are needed in renovations at the hotel, and they’d better get out now, even though it’s turned a profit of about $16 million in recent years.
But Councilman Sal DiCiccio and Jim Waring voted against it. They said the new owners seem like they’re getting a pretty great deal — one that’s sweetened by a $97 million tax break from the city.
The Show’s Lauren Gilger spoke with Councilman Waring earlier this morning to get his reaction to the vote, and why he thinks the city should have never been in the hotel businesses to begin with.