Henderson Park has completed the acquisition of the Arizona Biltmore resort in Phoenix, Arizona from Blackstone for $705 million.
Located at 2400 East Missouri Avenue and set on 39 acres, the luxury resort comprises 705 rooms, seven pools, two golf courses, multiple F&B outlets, 2000,000 sq ft of meeting space and a 28,000 sq ft spa.
Morgan Stanley as lead, together with Deutsche Bank and J.P. Morgan, provided a $460 million commercial mortgage loan to finance the acquisition. The resort purchase was completed through funds managed by Henderson Park, including a commitment from Western & Southern Financial Group and its real estate arm Eagle Realty.
Pyramid Global Hospitality, with whom Henderson Park acquired the La Quinta Resort in Palm Springs in 2021, will act as the firm’s hotel manager for the Arizona Biltmore.
Blackstone purchased the Biltmore in 2018 for $403.4 million from the Singapore government's sovereign wealth fund GIC.
Henderson Park was advised by Jones Day. Eastdil Secured served as Blackstone’s financial advisor and Simpson Thacher & Bartlett LLP served as Blackstone’s legal counsel.
What they said
Nick Weber, CEO & founder of Henderson Park said: “This transaction presents a rare and compelling opportunity to acquire a historic but newly refurbished hotel in one of the country’s premier hospitality markets and to both immediately capitalize on accelerated performance and to further enhance the resort’s offering into the future. We take the stewardship of the Arizona Biltmore very seriously and will work with our partners to position this iconic hotel for continued success. In Hilton we have a longstanding relationship across our global hospitality portfolio and this, in collaboration with our repeat operating and lending partners, supports our conviction in the opportunity ahead for a special investment.”
Rob Harper, Head of Blackstone Real Estate Asset Management Americas added: “As owners of the Arizona Biltmore, we brought our hospitality expertise and experience to enrich and preserve this historic property. We’re pleased to reach this agreement on behalf of our investors and position the asset for long-term success.”