AZBigMedia
It was a deal that grabbed everyone’s attention, but not one that shocked the market experts that saw how strong the Phoenix hospitality sector really was.
In September, the JW Marriott Desert Ridge Resort & Spa was sold for $602 million to a joint venture between Trinity Real Estate Investments LLC and Elliott Management Corporation. This large-scale investment duo snatched up the property in the biggest resort sale in Arizona history.
“When you see a big transaction like that, you take note,” said Jennifer Bergamo, vice president with the CBRE Hotel Group, which is based in Phoenix. “A few years ago, the Phoenician traded and the Hyatt Gainey and Royal Palms and the Biltmore, so there has been significant traction and these were all trades after the downturn.
