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

Area Map

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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Phoenix Gateway Center Sells for $75.7 Million

Southeastern Building of Phoenix Gateway Center

Lowe Enterprises and Sweden-based Alecta Real Estate are the new owners of the Phoenix Gateway Center located at the northwest corner of Van Buren and 44^th Streets. The 434,000 square foot office complex was purchased for $75.7 million or $174 per square foot, and was financed by a $44,258,437 loan with Citizens Bank. The property consists of one 11-story building, two 4-story buildings, and three parking garages. Oaktree Capital and Pearlmark Real Estate Partners were the sellers in this transaction.

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