Blackstone Inc. struck a deal to sell the Arizona Biltmore hotel in Phoenix to Henderson Park, a London-based private equity real estate manager. Blackstone agreed to sell the luxury hotel for $705 million, according to people familiar with the matter, who asked not to be named citing private matters, according to the Middle Market.
The Phoenix property is a Waldorf Astoria resort that Blackstone bought nearly six years ago for $400 million from Singaporean sovereign wealth fund GIC and then spent more than $150 million in renovations.
Sales of luxury product seem to be more active. Brookfield Asset Management sold a majority stake in the Ritz-Carlton Key Biscayne to Gencom and Hyatt Hotels is in talks to sell the Park Hyatt Zurich to Trinity Investments.