Bethesda, Md.-based Host Hotels & Resorts has acquired the Scottsdale, Ariz., property, which includes nine restaurants and bars, 83,500 sq. ft. of meeting space, a 27-hole golf course, seven swimming pools, and a spa and fitness center. The new owner will begin renovating the property during the summer.
Bethesda, Md.-based Host Hotels & Resorts has acquired The Phoenician, a 643-room resort in Scottsdale, Ariz., for $400 million, the Phoenix Business Journal reported.
The Phoenician sits on 300 acres at the base of Camelback Mountain. The AAA Five-Diamond property includes nine restaurants and bars, 83,500 sq. ft. of meeting space, a 27-hole golf course, seven swimming pools, and a 25,000-sq. ft. spa and fitness center, the Business Journal reported.
The acquisition also includes nine adjacent acres zoned for residential development. Starwood will continue to manage the hotel under its Luxury Collection brand, the Business Journal reported.
Host says it will start renovations at the Phoenician during its summer low season. The property was built in 1985 by Charles Keating Jr. It was built with Italian marble and workers from the Kingdom of Tonga were used to bring tropical landscapes to the desert venue, the Business Journal reported.
C&RB featured The Phoenician in its May 2007 cover feature (“The Phoenician Rises to New Levels of Excellence“).
Host is also selling some properties. This month it sold the Sheraton Needham for $54 million, and its European joint venture sold the Crowne Plaza Amsterdam for $119 million, the Business Journal reported.
Host expects to sell two additional properties this quarter, the Business Journal reported.
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