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Arizona Biltmore resort purchased in $705m deal

EQRoy via Shutterstock.

US private equity real estate firm Henderson Park has purchased the Arizona Biltmore resort from Blackstone Real Estate for $705m.

The 705-key luxury full-service hotel has recently undergone a substantial renovation to target premier leisure, corporate and group guests.

Originally opened in 1929 and set on 39 acres of land near Sky Harbor International Airport, the resort offers 200,000ft² of meeting space, seven swimming pools, multiple food and beverage outlets and a state-of-the-art 28,000ft² spa.

Hotel management company Pyramid Global Hospitality, with which Henderson Park acquired the La Quinta Resort in Palm Springs in 2021, will act as the firm’s hotel manager for the Arizona Biltmore.

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Morgan Stanley as lead, together with Deutsche Bank and JP Morgan, provided a $460m commercial mortgage loan to finance the acquisition.

The resort purchase was completed through funds managed by Henderson Park, including a commitment from the Cincinnati-based Western & Southern Financial Group and its real estate arm, Eagle Realty.

Henderson Park CEO and founder Nick Weber commented: “This transaction presents an opportunity to acquire a historic but newly refurbished hotel in one of the country’s premier hospitality markets to both immediately capitalise on accelerated performance and further enhance the resort’s offering.”

Blackstone Real Estate head of asset management Americas Rob Harper added: “As owners of the Arizona Biltmore, we brought our hospitality expertise and experience to enrich and preserve this historic property. We’re pleased to reach this agreement on behalf of our investors and position the asset for long-term success.”

Blackstone was recently involved in the purchase of the Hilton Paris Opéra Hotel by Copthorne Hotel Holdings.

"Arizona Biltmore resort purchased in $705m deal" was originally created and published by Hotel Management Network, a GlobalData owned brand.


 


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