Lee & Associates has announced the landmark sale of The Scottsdale Plaza Resort, LLC, for $90.75 million.
The buyer is a partnership between Highgate, a leading hospitality investment and management company, and Rockpoint Group.
Brent Moser, Mike Sutton and Craig Coppola, principals at Lee & Associates, represented The Scottsdale Plaza Resort in the transaction.
The property closed on June 30; it is located at 7200 N. Scottsdale Road, in Paradise Valley. The resort comprises 38 acres with 404 room keys, over 50,000 square feet of event space, five pools, a fitness center, tennis court, salon and spa, and outdoor event and wedding space.
The first phase of Scottsdale Plaza Resort was built in 1976, with the final portion completed in the mid 80s. It is one of the last independently owned and operated resorts in Arizona, according to a press release. With a long-standing history in Scottsdale, the resort and its devoted team provide outstanding experiences for guests.
While COVID-19 was challenging for The Scottsdale Plaza Resort and the hospitality industry as a whole, being fully independent allowed the resort to pivot and meet the daily changes — and as a result, the resort was able to remain open throughout the pandemic.
“Coming out of the pandemic, we understood a number of benefits and risks with remaining independently owned and operated. While short term we were very effective in navigating through the crisis, our long-term goals for continued redevelopment were hindered,” said President and CEO David Lunt of The Scottsdale Plaza Resort. “The best way to continue our long-term goals and carry on the legacy was to find an owner that would appreciate our history and continue the legacy that John Dawson, the former owner of The Scottsdale Plaza Resort, created.”
The buyer of the property is a partnership between Highgate, a leading hospitality investment and management company, and Rockpoint Group. Lunt said the partnership was a great fit for the culture of the resort and appreciated the long-standing history of the iconic property.
“David Lunt made it very clear from the get-go that the ultimate buyer of this resort must share the same vision, uphold the same beliefs and continue the legacy and culture that Mr. Dawson worked so hard to achieve,” said Mike Sutton, principal at Lee & Associates.
“Highgate checked all of those boxes and then some. Highgate, although large, is a family-owned and operated business at its core. Its strategy and structure are unique as it takes a very hands-on approach similar to a smaller boutique firm. The team at Highgate are strong believers of creating a truly unique product and concept compared to other groups who may have looked to affiliate this hotel with a national hotel brand.”