Luxurious Scottsdale Plaza Resort in Paradise Valley gets new owner
Jul 1, 2021, 1:15 PM | Updated: 2:32 pm
PHOENIX – The Scottsdale Plaza Resort, a sprawling luxury getaway in Paradise Valley, has a new owner.
The 40-acre resort at Scottsdale and Indian Bend roads changed hands in a deal that closed Wednesday, according a press release from Lee & Associates, the brokerage service that represented the seller.
Hospitality investment and management company Highgate partnered with private equity firm Rockpoint to purchase the property from The Scottsdale Plaza Resort, LLC. The price wasn’t announced.
The Scottsdale Plaza Resort is one of the last independently owned and operated resorts in Arizona and one of the largest resort properties in the Scottsdale area, according to the release.
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“Coming out of the pandemic, we understood a number of benefits and risks with remaining independently owned and operated,” resort president and CEO David Lunt said in the release.
“While short term we were very effective in navigating through the crisis, our long-term goals for continued redevelopment were hindered.”
The resort began in 1976 as a Sheraton hotel. After renovations and expansions under the guidance of former owner John Dawson, the current name was adopted in 1985.
The Scottsdale Plaza Resort now features 404 rooms, more than 50,000 square feet of event space, five pools, tennis courts, a fitness center and a salon/spa.
“David Lunt made it very clear from the get-go that the ultimate buyer of this resort must share the same vision, uphold the same beliefs and continue the legacy and culture that Mr. Dawson worked so hard to achieve,” Mike Sutton, principal at Lee & Associates, said in the release.
“Highgate checked all of those boxes and then some.”
