Arizona Biltmore sold for $705M — the Valley’s largest hospitality deal this year
May 19, 2024, 6:30 AM
Arizona Biltmore, a Waldorf Astoria Resort, recently finished a $150-million, property-wide restoration. The property was built in 1929 with with Frank Lloyd Wright-influenced architecture and design. (Biltmore Photo)
(Biltmore Photo)
The Arizona Biltmore, one of the longest-running and most notable resorts in the Valley, is under new ownership and new management.
A joint partnership between London-based private equity firm Henderson Park and Boston-based Pyramid Global Hospitality has acquired the 28-acre property for $705 million from investment management company Blackstone Inc., according to real estate database Vizzda. The deal closed on May 8.
The sale is by far the largest hospitality real estate transaction in the Valley so far this year — and dwarfs the $115.5 million price tag for the DoubleTree Resort by Hilton Paradise Valley, which was the metro’s largest hotel sale of 2023. This deal shows that luxury and higher-end properties are still the largest drivers when it comes to sales in hotel ownership.
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 between traditional rooms, suites and villas. The property has seven food & beverage outlets, 184,000 square feet of meeting space, seven pools, a variety of water slides, a 28,000-square-foot full-service spa, a fitness facility, tennis and pickleball courts and five retail shops. The resort is adjacent to the Arizona Biltmore Golf Club and the Biltmore Fashion Center and is a destination for luxury-seeking leisure guests and group and meeting travelers.
This story is posted in partnership with Phoenix Business Journal. Click to read the full story.
