Owners of the Scottsdale McCormick Ranch Resort secure refinancing as it completes multimillion-dollar renovation
Oct 22, 2023, 5:00 AM
Scottsdale McCormick Ranch Resort said Oct. 18, 2023, it has secured $115 million through refinancing as it wraps up work on a $40 million renovation. (Driftwood Capital Rendering)
(Driftwood Capital Rendering)
Driftwood Capital, the commercial real estate firm that owns the Scottsdale McCormick Ranch Resort, announced Oct. 18 it has secured $115 million through refinancing the 47-year-old resort in Scottsdale.
The refinancing news comes as a $40 million renovation to the Scottsdale McCormick Ranch, which is located at 7700 E. McCormick Parkway in Scottsdale, has nearly been completed. Driftwood acquired the resort in February 2022 for $113 million.
Driftwood refinanced the property with MetLife Investment Management, which is the institutional asset management business of MetLife Inc. The new loan replaces existing debt with more favorable terms and will help the “$40 million transformational renovation and revitalization” of the resort, said Carlos Rodriguez Sr., chairman and CEO of Driftwood Capital.
“We are renewing the hotel’s beauty to position it as a leading property in the area,” Rodriguez said in a statement. “Historically, the resort has been a prominent choice for large conventions, and we expect it to capitalize on leisure demand in the Scottsdale market. At the same time, it continues to lead as a group and convention destination as well as a lifestyle resort.”
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