The $705m purchase of Phoenix, Arizona’s Arizona Biltmore resort from Blackstone Real Estate has been finalised by Henderson Park, an international private equity real estate business.

Growing demand in the submarket has spurred a major refurbishment of the recognised 705-key luxury full-service hotel, which has a popularity for distinguished leisure, corporate, and group guests.

The “Jewel of the Desert” resort, which opened in 1929, sits on 39 acres of land and is situated in the heart of Phoenix, just 15 minutes from Sky Harbor International Airport.

Moreover, it has over 200,000 square feet of meeting space, seven swimming pools, multiple food, and beverage outlets, and a state-of-the-art 28,000 square foot spa.

Pyramid Global Hospitality, an established hotel management company with whom Henderson Park had earlier bought the La Quinta Resort in Palm Springs in 2021, will serve as the hotel manager for the Arizona Biltmore.

Morgan Stanley, in partnership with Deutsche Bank and JPMorgan, offered a $460m commercial mortgage loan to fund the transaction.

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The resort was purchased with money managed by Henderson Park, which included a commitment from Cincinnati-based Western & Southern Financial Group and its real estate affiliate, Eagle Realty.

Nick Weber, CEO and founder of Henderson Park, said: “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.

“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.”

Rob Harper, head of Blackstone Real Estate Asset Management Americas, added: “As owners of the Arizona Biltmore, we brought our hospitality expertise and experience to enrich and preserve this historic property. We’re pleased to reach this agreement on behalf of our investors and position the asset for long-term success.”

Jones Day advised Henderson Park, while Eastdil Secured was Blackstone’s financial adviser and Simpson Thacher & Bartlett LLP as its legal counsel.