PHOENIX — A Scottsdale, Arizona luxury resort has been sold for $400 million, according to the Phoenix Business Journal.
The Phoenician, located near 64th Street and Camelback Road, houses 643 rooms, nine restaurants and bars, a 27-hole golf course, seven swimming pools and a 25,000-square-foot spa and fitness center.
Host Hotels and Resorts, based in Bethesda, Maryland, also acquired nine adjacent acres zoned for residential development, on top of the 300-acre property located at the base of Camelback Mountain.
The resort was built in 1985 by Charles Keating and has gained a reputation throughout the years as one of Arizona’s best hotels.
Starwood said it will continue to manage the hotel, but Host will begin renovations this summer.