HREC Investment Advisors arranged the sale of the 204-room full-service FireSky Resort & Spa, located in the heart of Scottsdale, Ariz. Grossman Co. Properties acquired the 8.2-acre property for $62.5 million. Classic Hotels & Resorts, the hospitality division of Grossman Co. Properties., will manage the property.
Bill Murney, SVP in HREC Investment Advisors’ Phoenix office exclusively represented KHP Capital Partners, during the transaction. "The new owners will undergo an extensive rooms and public space renovation over the next 18 months that will transform the resort into the leading boutique resort in Scottsdale," Murney said.
Situated at Camelback Road and Scottsdale Road, across from the Scottsdale Fashion Square Mall, the FireSky provides guests with access to all of Scottsdale’s amenities and attractions. The property is near Old Town Scottsdale and Scottsdale’s entertainment district.