Hyatt Pays $88M for Phoenix’s Royal Palms Resort & Spa

Hyatt Hotels Corp. struck a deal with Lowe Enterprises for the 119-key Royal Palms Resort & Spa in Phoenix. The Chicago buyer paid the Los Angeles seller $88.2 million, or $741,597 per key for the historic resort at 5200 E. Camelback Rd.

Local sources suggest that Hyatt acquired the property to add to its “Unbound Collection by Hyatt” portfolio. The portfolio consists of worldwide, independent luxury properties. Since launching the brand, Hyatt has added six resorts to the collection.

Royal Palms Resorts, built in 1929 as a mansion, sits on eight acres. Amenities include more than 21,000 square feet of indoor and outdoor meeting space, the Alvadora Spa, and T. Cook’s Restaurant.