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Four Seasons Scottsdale Picked By Braemar Hotels for Record $267 Million
Braemar Hotels & Resorts has acquired the 210-room Four Seasons Resort Scottsdale at Troon North (Property) for $267.8 million ($1.28 million per key). It’s reported to be the highest price ever paid for a Phoenix/Scottsdale hotel. The resort, which was completed in 1999, benefited from $20.7 million ($98,700 per key) of capital improvements since 2016. This included the renovation of all guest rooms, indoor meeting space, lobby, and food and beverage outlets.
“The acquisition of the Four Seasons Resort Scottsdale is an exciting opportunity for us to acquire a timeless, luxury resort ideally located in picturesque North Scottsdale,” said Braemar’s Richard J. Stockton. “This exquisite Property fits perfectly with our strategy of owning high RevPAR (revenue per room) luxury hotels and resorts and further diversifies our portfolio.” The Property achieved RevPAR of $423.20, with 48.5% occupancy and an average daily rate of $873.24.
Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.
