Dallas-based Hall Structured Finance closed a new construction loan totaling $53 million to finance the expansion, redevelopment, flagging and rebranding of the existing 32-room CopperWynd Resort into the boutique Autograph Scottsdale Resort. Upon completion, the property will be a 177-room luxury resort flagged as part of the Marriott Autograph Collection. Bill Hinz is redeveloping the resort, which is planned to open by Q4 2019.
"This project combined many of the key factors that we look for in a deal, including great location and demand generators, a strong hotel flag, a trusted development team and, in this case, an existing set of attractive amenities and a planned finished product that we expect to thrive in this market," Mike Jaynes, president of Hall Structured Finance, said in a statement.
The existing resort property is located in the McDowell Mountains, offers amenities such as a full-service luxury spa, 26,500 square feet of lobby and common areas that include a large fitness center, two pools, a pool café, tennis facilities and the Flourish Restaurant. As part of the redevelopment plan, the existing 32 rooms will be refreshed and 145 new rooms as well as 12,000 square feet of meeting space will be added to the resort.
"The transformation of this small boutique property into a world-class destination resort that will be part of Marriott’s Autograph Collection is a once in a lifetime opportunity for our community and the State of Arizona. Given its unique mountain-top location with incredible views of Four Peaks, its proximity to Phoenix Sky Harbor Airport and the area's high volume of tourism, Hall Structured Finance recognized its importance and worked closely with us to tailor the loan terms to this unique project so that we could get started,” Bill Hinz, the resort's owner and redeveloper, said in a statement.
Malcolm Davies, managing director at George Smith Partners, sourced the financing for the project.
HSF has now closed more than $160 million in construction loans in 2018, with an additional $174 million in the closing process. This is also the second-largest loan HSF has closed, following a $54 million construction loan to develop a Hyatt Andaz resort in Palm Springs, Calif.