Royal Palms Resort Sells to Hyatt Hotels for Over $88 Million

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Hyatt Hotels Corporation purchased the 119-unit Royal Palms Resort and Spa yesterday for $88.25 million from Los Angeles-based Lowe Enterprises. The total salesprice corresponds to nearly $742,000 per unit.

The Royal Palms Resort was built in 1996 on nine acres near the southeast corner of Arcadia Drive and Camelback Road and includes a pool, restaurants, fitness center, and spa.

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FireSky Resort & Spa Sells for over $62 Million

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The 204-room FireSky Resort & Spa at the southeast corner of Scottsdale and Chaparral Roads sold Friday for $62.5 million to Grossman Company Properties. The sale was funded by $55 million new debt with Prime Finance Partners. KHP Capital Partners were the sellers in this transaction.

FireSky Resort & Spa consists of six two-story buildings totaling over 140,000 square feet built in 1968. It features 2 outdoor pools, restaurant, bar, and health-club.

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Hotel Indigo Sells for $17.6 Million in Bank Sale

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The Hotel Indigo in Old Town Scottsdale sold Monday to Triyar Companies for $17.6 million or $140,000 per room. Resource Capital Corporation funded the sale with a $14.3 million note. The property was sold in a bank sale from AEW Capital, who had acquired the property via deed-in-lieu in 2011.

Totaling 126 rooms in one five-story building, the Indigo Hotel was built 1995 and renovated in 2007. It is located east of the Scottsdale and Camelback Road intersection, and is currently closed for business.

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Scottsdale Plaza Resort Noticed on $65 Million CMBS Loan

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The 404-room Scottsdale Plaza Resort located at the northwest corner of Scottsdale and Indian Bend Roads was noticed for trustee sale Thursday. The note was originally valued at $65 million when it was recorded in 2006 with Canadian Imperial Bank of Commerce. It was securitized that same year, and in 2015 beneficial interest was assigned to special servicer LNR Partners.

The Scottsdale Plaza Resort stands on 37 acres and consists of sixty-two buildings totaling nearly 360,000 square feet. It includes a restaurant, health club, racquetball club, retail component, and five pools.

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7 Arizona Hotels Sell as Part of ZMC / Hall Equities Portfolio

The Hampton Inn at Bell Rd & SR-101

California investment company Hall Equities Group purchased a total of 7 Arizona hotels on Friday, totaling 715 rooms with a salesprice of just over $53 million, or $74,162 per room. The hotels are located in Scottsdale, Peoria, and Anthem, and have hotel flags of "Hampton Inn", "Days Inn", "Sleep Inn", and "Holiday Inn".

This acquisition is part of Hall Equities Group's purchase of Minnesota-based ZMC Hotels. The complete portfolio totals 29 hotels in 10 states¹. The entire purchase was funded by a $146.5 million cross-collateralized loan with Bank of America.

1. Source: Hotel Online

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Tempe Marketplace Phase II Re-capitalized and in Pre-planning

By: Paul Dionne | Vizzda.com

Phase II of Tempe Marketplace was conveyed between two entities related to Pacific Coach, Inc. and encumbered with $19,477,659 in new debt with the selling entity. Per the Tempe city planner, there are tentative plans to develop the site as an office and hospitality campus. The affidavit of property value accompanying the transfer values the property at $20,471,200 or roughly $510k per acre.

Phase II of Tempe Marketplace

On April 24th, 2014, Tempe City Council approved changes to the development agreement that covers Phases I and II of Tempe Marketplace to, among other things: 

• remove language allowing for an Improvement District
• delete the section pertaining to the existing conceptual site plan
•  provide a new section requiring construction to begin by July 2018

Tempe also indicates that preliminary landscaping and road plans have been submitted for the site. 

Jonathan Levine--son of Pacific Coach founder, Bill Levine--and Thomas LeClair are the sole members of both Tellurian Development Company, the acquiring entity, and Pacific Coach 101/202 Holdings, LLC, the selling entity and lender. They acquired the bulk of the property from the original developer of Tempe Marketplace in 2012 after foreclosing on a $4.6m note originally underwritten by Sir Mortgage Finance in 2007.