The big picture: The Sheraton Phoenix Crescent at Dunlap Avenue and Interstate 17 has been closed since an electrical fire in January 2023.

• Initial bids for the building are due Sept. 16, according to David Fogler of Cushman Wakefield, the brokerage hired to facilitate the sale for a court-appointed receiver.
• If more than one qualified bid is submitted, there will be an auction on Sept. 25.

What we're watching: Fogler said he presumes the Sheraton's next owner will keep the building rather than bulldoze it because, "It's a pretty significant piece of real estate that … still has a lot of nice features to it."