By Business Real Estate Weekly
Columbia Sussex Corp. in Crestview Hills, Ken. (William Yung, CEO) paid a combined $83.3 million to acquire the 223-room Boulders Resorts & Spa and nearby El Pedregal plaza located in Carefree and Scottsdale.
The sellers in three transactions were companies formed by Blackstone Real Estate Advisors L.P. in New York City, N.Y. (NYSE:BX).
Built in 1985 and renovated in 2011, Boulders Resort & Spa sits on 1,300 acres in the high Sonoran Desert along the east side of Scottsdale Road (Tom Darlington Drive) at Carefree Highway.
The primary acquisition includes 223 casitas, villas and executive suites, roughly 20,000 sq. ft. of meeting/ballroom space and two, 18-hole Jay Morrish-designed championship golf courses with a clubhouse and restaurant. A second purchase includes 50,000 + sq. ft. of retail, restaurant and entertainment space in a mixed-use commercial center called El Pedregal.
