Driftwood Capital buys Arizona resort, plans renovation

Driftwood Capital has purchased the Scottsdale (Ariz.) Resort at McCormick Ranch, a 326-room property in the McCormick Ranch neighborhood. According to the Phoenix Business Journal, citing Maricopa County records, Driftwood bought the 16-acre resort for $113 million from an entity of Hong Kong-based Junson Capital. 

The property is scheduled for a multimillion-dollar renovation that will cover all aspects of the resort. Upon completion, the resort will join Curio Collection by Hilton.

The renovation, reportedly the largest in the property’s nearly 50-year history, is scheduled to this summer. It will include updates to all guestrooms, common areas, amenity spaces, food-and-beverage outlets, 80,000 square feet of flexible event space and the spa, which will also be expanded. The largest undertaking will be converting The Stillman Building into a collection of two-story villas, which will reduce the overall room count to 276 when the project is completed in early 2023.

The renovation will be done in phases and the property will remain open throughout the process.

“The Scottsdale Resort at McCormick Ranch holds a very special place in the legacy of Arizona hospitality and we look forward to breathing new life and infusing a vibrant energy into this well-established Scottsdale property,” said Alan Klein, area GM for Driftwood Hospitality, in a statement. “We will soon be unveiling the resort’s rebranding along with further details about our plans to debut an upscale signature restaurant, a gourmet coffee lounge, an upgraded pool bar and restaurant, among many other high-end touch points.”

Opened in 1976 as the Scottsdale Conference Center, The Scottsdale Resort at McCormick Ranch was one of the first conference resort sin the country. In 2015 the resort underwent a $10 million transformation. Developed and owned by Driftwood Capital, The Scottsdale Resort at McCormick Ranch is managed by Driftwood Hospitality Management. Driftwood Capital also owns and manages Canopy by Hilton Tempe Downtown.