Global Hospitality Investment Group has acquired the Doubletree Resort Scottsdale Paradise Valley in Scottsdale, Ariz. According to local news site KTAR, real estate investment firm Southwest Value Partners sold the property in a $115.5 million deal. Other terms were not disclosed. Following the transaction, the hotel will remain a Hilton-flagged hotel.
The property is on more than 23 acres on Scottsdale Road and has 378 guestrooms, including 12 suites with views of the scenic areas surrounding Camelback & Mummy Mountains. Each room has a patio or balcony. The hotel also has four food and beverage options, flexible indoor and outdoor meeting spaces for events and weddings, tennis and basketball courts, a fitness center and two outdoor pools.
"The Doubletree Resort Scottsdale Paradise Valley exemplifies our strategy of acquiring high-quality, irreplaceable assets in markets with strong demographic tailwinds and favorable supply and demand dynamics," GHIG founder and CEO Kevin Colket said in a statement. "With this acquisition, we will leverage our team's expertise in interior design, branding, and asset management to elevate an already best-in-class, ideally located institutional property with an outlook for continued growth in the years to come. We're also pleased to mark our first franchise partnership with Hilton, and look forward to working together to realize our vision for bringing this property to its greatest potential."
GHIG will support enhancements to the guest experience for both leisure and business travelers through the firm's vertically integrated platform. With the support of GHIG's advisors across interior design, branding and CAPEX, the firm intends to refresh the property and invest additional capital in the hotel.