Arizona Biltmore Trades for $705M

London-based Henderson Park and Pyramid Global Hospitality acquired the 28-acre property from investment management company Blackstone Inc. for $705 million. It’s Phoenix’s largest hospitality real estate deal this year. Blackstone recently concluded a comprehensive, $165 million renovation on the hotel.

The Arizona Biltmore was built in 1929, having been designed by Frank Lloyd Wright. The hotel has 703 rooms between traditional rooms, suites and villas. The property has seven food & beverage outlets, 184,000 square feet of meeting space, seven pools, a variety of water slides, a 28,000-square-foot full-service spa, a fitness facility, tennis and pickleball courts and five retail shops. The resort is adjacent to the Arizona Biltmore Golf Club and the Biltmore Fashion Center and is a destination for leisure guests and group and meeting travelers.

The hotel will keep its franchise agreement with Hilton and continue to be branded as a Waldorf Astoria Resort. The pending deal was leaked in January and just recently closed.