A landmark in our community has been SOLD! A joint venture among funds managed by Trinity Real Estate Investments LLC and Elliott Management Corporation recently announced the purchase of the JW Marriott Desert Ridge Resort & Spa. This venture into resort ownership is not new to the team. Recently, Trinity and Elliott purchased the Grande Lakes Orlando Resort back in December 2018, moving forward with the partnership’s strategy of acquiring market-leading hotel properties.
The JW Marriott Desert Ridge Resort & Spa spans 396 lush acres, features a 950-room hotel, 212,500 square feet of flexible meeting space, seven food and beverage options, and numerous amenities including five pools, a lazy river, a world-class spa, and two championship golf courses designed by Arnold Palmer and Nick Faldo. The luxury complex, which also boasts the largest ballroom in the state, is considered one of Arizona’s premier resorts and was ranked by U.S. News & World Report as one of the best hotels in Phoenix for 2018.
“We are pleased to continue our strategic partnership with Elliott through the acquisition of another world-class resort destination,” said Sean Hehir, Managing Partner of Trinity.
Our fair city being one of the nation’s fastest growing metropolis’, the JW is well positioned to benefit from demand for business and leisure travel. Phoenix’s strong economic growth and geographic proximity to markets throughout California and the southwest makes it a key player in the group and convention industry. All of this allows the JW Marriott to help serve as a primary commercial and cultural hub in the Southwest United States and a preferred business destination.
Tim Mackey, Portfolio Manager at Elliott responsible for commercial real estate in the Americas, added, “Desert Ridge is a strategic complement to the Grande Lakes Resort in Orlando, Florida. Large luxury group-business resort and conference center properties continue to be attractive investment opportunities. The JW Marriott Phoenix Desert Ridge Resort & Spa is a market leader in terms of number of rooms, meeting room space, location, and quality.”
Trinity and Elliott intend to implement a multi-million-dollar capital improvement plan to further enhance the Resort’s offerings and unlock embedded value. In addition to guestroom renovations, planned improvements include upgrades to the Resort’s meeting spaces and ballrooms, water features, and food offerings. Moreover, Trinity and Elliott will consider opportunities to expand the Resort and will leverage their deep institutional knowledge and experience owning and operating big-box convention hotels to drive higher-rated transient business.
