US lodging real estate investment trust Ryman Hospitality Properties is acquiring the JW Marriott Phoenix Desert Ridge Resort & Spa in Arizona from Trinity Investments for $865m (€768.3m).
Trinity Investments, which paid $602m in 2019 to acquire the 950-room hotel and resort in Phoenix, with financial backing from Elliott Investment Management, said it completed a nearly $100m renovation project for the property in 2023.
Sean Hehir, managing partner, president and CEO of Trinity Investments, said: “This sale is a prime example of how Trinity’s proven value-add platform and successful repositionings continue to drive enhanced operational and financial performance through active asset management.
“We have transformed the property into a landmark destination for both business and leisure travelers, and are proud to be able to deliver strong returns for our investors.”
Spanning approximately 402 acres of Arizona’s Sonoran Desert, the JW Marriott Desert Ridge stands as one of the largest hotels in the greater Phoenix/Scottsdale area. It boasts guest rooms, including 81 suites, around 243,000sqft of indoor and outdoor meeting and event space, a 28,000sqft Revive Spa and two renowned golf courses, alongside various other amenities.
Mark Fioravanti, president and CEO of Ryman Hospitality Properties, said: “The JW Marriott Desert Ridge has been one of our top acquisition targets for many years. Given the limited availability of marquee group-focused assets that complement our existing portfolio and group strategy, we are thrilled to acquire this resort.
“Considering the strength of our forward bookings, the durable nature of our group business model and our early success with the 2023 acquisition of the JW Marriott Hill Country, we believe this is the right transaction for creating long-term customer and shareholder value.”
Fioravanti said in line with previous investments, Ryman Hospitality looks forward to pursuing both near and long-term value creation opportunities at the JW Marriott Desert Ridge property, “which over time we believe will further improve the customer value proposition and enhance shareholder returns”.
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