Arizona golf resort sells for $602 million

The JW Marriott Desert Ridge Resort & Spa, which includes two golf courses, has been sold to two investment firms for $602 million.

The seller is New York-based Blackstone Group, which had acquired the property in 2015 as part of a $1.3 billion deal that included two resorts in Orlando, Fla. The buyers, Elliott Management Corp., a New York firm, and Trinity Real Estate Investments LLC, which is based in Hawaii had purchased the Orlando resort from Blackstone last year for $880 million. All three resorts were once owned by CNL Hotels & Resorts.

In addition to the golf courses, the 396-acre resort includes seven food-and-beverage options, five pools, a lazy river, a spa and 212,500 square feet of meeting space. 

“We managed to purchase this trophy asset at an attractive basis well below replacement cost, reflecting our ability to source and close deals that align with our strict investment parameters,” Sean Hehir, managing partner at Trinity, said in a statement. He said the new owners are planning a multimillion-dollar capital improvement plan to enhance the resort’s offerings. Improvements will include guestroom renovations, upgrades to meeting spaces and ballrooms, water features and food offerings.

Add new comment

If you enjoyed this article and would like to sign up for a FREE digital subscription, click here!