U.S. hotel sells with a big price tag
Another U.S. hotel has changed hands following several other high-priced lodging acquisitions. Host Hotels & Resorts has acquired the 643-room Phoenician resort in Scottsdale, Ariz., for $400 million.
The 300-acre resort is located at the base of Camelback Mountain. 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 more than 9 acres zoned for residential development. Host Hotels & Resorts plans to undertake a comprehensive renovation.
Recently, Host Hotels & Resorts completed the sale of the Sheraton Needham in Needham, Mass., for $54 million. In additio