(Pictured: The Hilton Scottsdale Resort & Villas pool)
A real estate investment firm founded by Robert Sarver, who owns the National Basketball Association’s Phoenix Suns, has bought two of the largest resorts in the Scottsdale area: the 235-room Hilton Scottsdale Resort & Villas for $62 million, and the 378-room Doubletree Resort by Hilton Paradise Valley-Scottsdale for $100 million. The two properties are located about a mile from each other, and renovations and improvements are expected at each under their new ownership.
A real estate investment firm founded by Robert Sarver, who owns the National Basketball Association’s Phoenix Suns, has purchased two of the largest resorts in the Scottsdale, Ariz. area, Orionprop.com reported.
San Diego-based Southwest Value Partners, which has offices in Scottsdale and Nashville, Tenn., purchased the Hilton Scottsdale Resort & Villas and the Doubletree Resort by Hilton Paradise Valley-Scottsdale on January 31st, according to the real estate database Vizzda. The 378-room Doubletree Resort sold for $100 million, and the 235-room Hilton Scottsdale Resort sold for $62 million.
The two resorts are about one mile from each other on Scottsdale Road. The Doubletree Resort was built in 1982, and the Hilton Scottsdale Resort was built in 1979. Renovations and Improvements are expected at both properties under their new ownership, OrionProp.com reported.
Both properties were sold by San Francisco-based real estate private equity firm the Rockpoint Group LLC, Orionprop.com reported.
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