High-rise commercial buildings

Sub Markets

Property Sectors

Topics

Phoenix & Southwest CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Phoenix & Southwest  + Hospitality  | 

Pair of Arizona Resorts Acquired for $305M

Xenia Hotels & Resorts, Inc. acquired two hotels in Arizona from affiliates of Hyatt Hotels Corporation for a combined $305 million, or roughly $498,350 per key. The properties include the Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch, a 493-room resort located in Scottsdale, AZ, and Royal Palms Resort & Spa, a 119-room resort located in Phoenix that is part of The Unbound Collection by Hyatt.

Xenia’s Marcel Verbaas says, “While the hotels are in good physical condition and have strong in-place cash flows, we believe we will be able to drive further growth as we work with Hyatt to continue to optimize operations, reap the benefits of the recent branding of Royal Palms and make targeted capital improvements to further upgrade both properties.”

The acquisition was funded via cash available on the company’s balance sheet, a new $100-million mortgage loan, and a new $125-million senior unsecured term loan.

For comments, questions or concerns, please contact Dennis Kaiser

Connect

Inside The Story

Connect With Xenia’s Verbaas

About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition