Henderson Park, the international private equity real estate firm, has completed the acquisition of the Arizona Biltmore resort in Phoenix from Blackstone Real Estate for $705 million.
The iconic 705-key, luxury, full-service hotel has recently undergone a substantial renovation with broad appeal to premier leisure, corporate and group guests, underpinned by growing demand in the submarket.
Originally opened in 1929, set on 39 acres of land and located in Phoenix, the “Jewel of the Desert” resort has more than 200,000 square feet of meeting space; seven swimming pools; multiple food and beverage outlets; and a 28,000-square-foot spa.
Pyramid Global Hospitality, with whom Henderson Park previously acquired the La Quinta Resort in Palm Springs in 2021, will act as the firm’s hotel manager for the Arizona Biltmore.
Morgan Stanley as lead, together with Deutsche Bank and J.P. Morgan, provided a $460 million commercial mortgage loan to finance the acquisition. The resort purchase was completed through funds managed by Henderson Park, including a commitment from Cincinnati-based Western & Southern Financial Group, Inc. and its real estate arm, Eagle Realty.
“This transaction presents a rare and compelling opportunity to acquire a historic but newly refurbished hotel in one of the country’s premier hospitality markets and to both immediately capitalize on accelerated performance and to further enhance the resort’s offering into the future," Nick Weber, CEO and founder of Henderson Park, said in a statement. “We take the stewardship of the Arizona Biltmore very seriously and will work with our partners to position this iconic hotel for continued success. In Hilton we have a longstanding relationship across our global hospitality portfolio and this, in collaboration with our repeat operating and lending partners, supports our conviction in the opportunity ahead for a special investment.”