Pointe Hilton Squaw Peak in Phoenix has been sold for $51.4 million
Feb 26, 2019, 12:28 PM | Updated: Feb 27, 2019, 7:24 am
(Pointe Hilton Squaw Peak Resort Photo)
(Pointe Hilton Squaw Peak Resort Photo)
PHOENIX – The Pointe Hilton Squaw Peak Resort in Phoenix has been bought for $51.4 million, ownership said.
The deal for the all-suites resort at 16th Street near Northern Avenue, close to the Phoenix Mountain Preserve, was completed two weeks ago, Park Hotels and Resorts said in a press release.
The Phoenix Business Journal reported Monday the resort was sold to Fortress Investment Group of New York.
The resort underwent an $8 million renovation in 2017, updating its 224 suites, lobby and meeting space.
Park Hotels took over the resort in 2000. It opened under the Hilton brand in 1976.
The family-friendly site includes a water park, a mini putting green, tennis courts and a playground.
President Barack Obama stayed there during a 2015 trip to the Valley.
The company has sold 14 properties in the last year.
Revenue per available room at the resort was $118, about 30 percent less than average of its other sites.
The company had one hotel left in Arizona — the Embassy Suites Phoenix Airport.
