Arizona Biltmore was sold in a huge $705 million deal

The Arizona Biltmore, one of the Valley's longest-running and most notable resorts, is under new ownership and management.

A joint partnership between London-based private equity firm Henderson Park and Boston-based Pyramid Global Hospitality purchased the 28-acre property from investment management firm Blackstone Inc. for $705 million, according to real estate database Vizzda. The deal closed on May 8th.

The sale is by far the Valley's largest hotel transaction so far this year – dwarfing the $115.5 million price tag for the DoubleTree Resort by Hilton Paradise Valley, which was the metropolis' largest hotel sale of 2023. This deal shows that luxury and higher quality properties continue to be the biggest revenue drivers for hotel owners.

The Arizona Biltmore was built in 1929 under the influence of Frank Lloyd Wright and his protégé Albert Chase McArthur. The hotel has 703 rooms ranging from traditional rooms, suites and villas. The property features seven food and beverage outlets, 17,000 square feet of meeting space, seven pools, various water slides, a 25,000 square foot full-service spa, a fitness facility, tennis and pickleball courts, and five retail stores. Adjacent to the Arizona Biltmore Golf Club and the Biltmore Fashion Center, the resort is a destination for luxury-seeking leisure guests as well as group and conference travelers.

This story is published in collaboration with the Phoenix Business Journal. Click here to read the full story.

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