Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) yesterday announced that it has sold The Phoenician, A Luxury Collection Resort in Scottsdale, Arizona to Host Hotels & Resorts (NYSE:HST) for $400 million. Under Host’s ownership, The Phoenician will undergo a complete renovation, solidifying and enhancing its position as one of the preeminent luxury destination resorts in the United States. Starwood will continue to operate the hotel under The Luxury Collection® brand flag.
Adam Aron, CEO of Starwood on an interim basis, said: “This transaction, on the heels of our sale just a few weeks ago of The Gritti Palace in Venice, marks another important step towards Starwood achieving our stated goal of completing $800 million in asset sales by the end of 2015. The Phoenician is a one-of-a-kind asset and will remain an extraordinary resort in The Luxury Collection®. The vision of Host Hotels & Resorts to further enhance The Phoenician is one of many cornerstones in Starwood’s imaginative plans for The Luxury Collection® brand. With new hotel openings and more impressive renovations coming, Starwood is now setting out to transform The Luxury Collection® into the world’s largest luxury hotel brand.”
“We are thrilled to expand our partnership with Host Hotels & Resorts and look forward to working together to ensure the continued success of this spectacular resort,” said Simon Turner, President of Global Development for Starwood. “Starwood continues its focus on selling its owned properties to the right long-term partners, in order to create value for our shareholders. The strength and depth of the global capital markets and robust lodging industry fundamentals create an environment where we are continuing to see strong interest in our remaining assets from a broad, diverse and high-quality array of investors worldwide.”
Opened in 1988, The Phoenician, A Luxury Collection Resort boasts a scenic 300-acre setting at the base of Camelback Mountain. The AAA Five-Diamond, Forbes Four-Star rated Phoenician is ideally located in one of the premium resort markets in the southwest, within close proximity of the nightlife, galleries, museums and businesses of downtown Scottsdale. The 643-room resort features nine food and beverage outlets, approximately 83,500 square feet of indoor meeting space, and world-class recreation facilities, including a 27-hole championship golf course, seven outdoor pools and a 25,000 square-foot spa and fitness center.
The Phoenician, A Luxury Collection Resort, Scottsdale is the 36th Starwood property owned by Host Hotels & Resorts.
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