Big news for Scottsdale's hospitality scene as the iconic Scottsdale Plaza Resort changes hands in a whopping $124.3 million deal. Trinity Investments scooped up the property from a partnership including Highgate and Rockpoint Group. The sale officially wrapped up on April 4, real estate database Vizzda LLC reported, according to ABC15.
The sale comes on the heels of an anticipated makeover and expansion at the sprawling 40-acre property. Plans were to include everything from 12 new buildings adding a hefty 153,230 square feet, to knocking down 39,000 square feet of the old structures. This ambitious project aims to refresh and revitalize the nearly five-decade-old luxury venue, which has been a staple of the Valley's tourist circuit for years, as obtained by Phoenix Business Journal.
Located at 7200 N. Scottsdale Road, the resort boasts 404 rooms, five pools, and a hefty 50,000 square feet of meeting space. It nestles snugly next to the future site of the Ritz-Carlton Paradise Valley, The Palmeraie, which is still under construction. It's prime real estate with a long history, originally built back in 1976.
Rockpoint and Highgate had the reins since June 2021, having acquired the property for $90.75 million back then. "Rockpoint and Highgate executed on a shared vision for the resort, and we are pleased to have added significant value through several property enhancements, expense-saving initiatives, and strategic revenue optimization," Aric Shalev, a managing member and co-president at Rockpointsaid, as per Phoenix Business Journal. Highgate isn't bowing out entirely though – they'll stay on managing the joint in concert with the new owners, Trinity.
