BOSTON, Massachusetts, and SAN FRANCISCO, California—Rockpoint and Highgate introduced the sale of the Scottsdale Plaza Resort and Villas, a historic resort in Paradise Valley, Arizona. Phrases of the transaction weren’t disclosed.
Centrally situated in Paradise Valley, the Scottsdale Plaza Resort and Villas is a 404-room resort with greater than 50,000 sq. ft of occasion house, 5 swimming pools, tennis courts, a health heart, and spa facilities. The resort is situated in shut proximity to Previous City Scottsdale and downtown Phoenix and is surrounded by the Sonoran Desert with close by climbing trails and practically 40 acres of gardens. Initially in-built 1976, the resort has a historical past as one of many largest operated resorts in Arizona.
“Rockpoint and Highgate executed on a shared imaginative and prescient for the resort, and we’re happy to have added important worth by means of a number of property enhancements, expense-saving initiatives, and strategic income optimization,” mentioned Aric Shalev, a managing member and co-president at Rockpoint. “This funding underscores Rockpoint’s skill to collaborate with best-in-class working companions and determine and add worth to high-quality property in high-growth markets. We imagine the resort is nicely positioned to construct on its wealthy heritage beneath new possession.”
Throughout its possession, Rockpoint and Highgate have maintained the property’s heritage whereas additionally making upgrades like instituting a membership association with Most popular Lodges and Resorts, modernizing the resort’s e-commerce presence, and implementing institutional income administration methods.
“Highgate is happy to have partnered with Rockpoint on Scottsdale Plaza Resort and Villas, and to have efficiently executed on our value-add plan and delivered sturdy outcomes,” mentioned Zach Berger, principal at Highgate. “We sit up for Highgate’s continued position working the resort along side the client, and anticipate persevering with to pursue the various alternatives to boost this distinctive property.”
Newmark acted as dealer for Rockpoint and Highgate on this transaction.
