SCOTTSDALE, Ariz.
Host Hotels & Resorts, Inc. announced its acquisition of the 643-room Phoenician, a Luxury Collection resort, based in Scottsdale, Ariz., for $400 million.
The hotel boasts a scenic 300-acre setting at the base of Camelback Mountain with outstanding views of the local natural landmark, and is ideally located in one of the premium resort markets in the southwest, within proximity of the nightlife, galleries, museums and businesses of downtown Scottsdale.
The resort features nine food and beverage outlets, approximately 83,500 square feet of indoor meeting space, and world-class recreation facilities, including a 27-hole championship golf course, seven outdoor pools and a 25,000 square-foot spa and fitness center.
While the current hotel site allows for future residential development and up to 40 additional rooms, the purchase also includes two adjacent parcels of land totaling over nine acres zoned for residential development. Host Hotels plans to undertake a comprehensive renovation that will strategically occur during the hotel's seasonal, low-occupancy summer periods to minimize disruption.
Starwood will continue to operate the hotel under The Luxury Collection brand flag. Similar to the operational success that Host has achieved in markets where it owns two or more comparable hotels, it believes the Phoenician will benefit from synergies with its Westin Kierland Resort, which is also operated by Starwood.
