Private equity real estate fund manager Henderson Park has acquired the Arizona Biltmore resort in southwestern US for $705m (鈧�648.8m) from Blackstone Real Estate.
Henderson Park said it has completed the acquisition of the 705-key, luxury, full-service hotel through its managed funds, including a commitment from Cincinnati-based Western & Southern Financial Group and its real estate arm, Eagle Realty.
Morgan Stanley as lead, together with Deutsche Bank and JP Morgan, provided a $460m commercial mortgage to finance the acquisition, Henderson Park added.
Pyramid Global Hospitality, Henderson Park鈥檚 partner in the 2021 La Quinta Resort acquisition, will manage Arizona Biltmore.
Originally opened in 1929, set on 39 acres of land, the resort boasts amenities including over 200,000sqft of meeting space, seven swimming pools, multiple food and beverage outlets, and a 28,000sqft spa.
Nick Weber, CEO and founder of Henderson Park, said: 鈥淭his transaction presents a rare and compelling opportunity to acquire a historic but newly refurbished hotel in one of the country鈥檚 premier hospitality markets and to both immediately capitalise on accelerated performance and to further enhance the resort鈥檚 offering into the future.
鈥淲e 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.鈥�
Rob Harper, the head of Blackstone Real Estate鈥檚 Americas asset management arm, said: 鈥淎s owners of the Arizona Biltmore, we brought our hospitality expertise and experience to enrich and preserve this historic property.
鈥淲e鈥檙e pleased to reach this agreement on behalf of our investors and position the asset for long-term success.鈥�
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