JLL Hotels & Hospitality Group announced today it has arranged a $37 million non-recourse refinancing for Ambiente, Arizona’s only Two MICHELIN Key hotel. The 40-room, adults-only luxury property opened in February 2023 and is North America’s first landscape hotel.
JLL worked on behalf of the borrower to secure the non-recourse refinancing through a debt fund. The transaction provides a significant cash-out component, recapitalizing the asset for continued operations and future growth.
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Ambiente comprises 40 glass guest atriums on a three-acre site at 900 W. State Route 89A. The accommodations feature floor-to-ceiling windows to maximize views of Sedona’s red rock formations, private rooftop decks with fireplaces and curated interior finishes. On-site amenities include the Forty1 restaurant, Velvet Spa offering in-room and outdoor treatments and approximately 600 square feet of event space.
Since opening, the hotel has gained significant global recognition, including being ranked number 10 in Travel + Leisure’s 2024 World’s Best Awards, in addition to accolades from Forbes, AFAR and Condé Nast Traveler. The property has demonstrated strong performance, and continued exposure both domestically and internationally.
Ambiente enjoys an unparalleled location with immediate access to downtown Sedona, breathtaking hiking and biking trails, and natural attractions such as Cathedral Rock and Oak Creek Canyon. The hotel is positioned within one of America’s most supply-constrained luxury hospitality markets, with over 3 million annual visitors drawn to Sedona for its wellness offerings, mild climate and world-class outdoor recreation. Just two hours north of Phoenix, Sedona benefits from proximity to one of the fastest-growing metropolitan areas in the U.S., fueling sustained demand from both international and high-net-worth regional guests.
“Our family has been pleased to partner with JLL Hotels & Hospitality Group in securing the refinancing for Ambiente,” said Jennifer May, co-owner of Two Sister Bosses. “From the outset, the JLL team demonstrated exceptional expertise, dedication and a deep understanding of our vision as a family-owned and operated luxury landscape hotel. Their strategic guidance, seamless execution and unwavering support throughout the process not only provided critical capital for our ongoing operations and future growth, but also strengthened our ability to continue delivering unparalleled, nature-immersive experiences in Sedona. Working with JLL has been a true pleasure, and we highly recommend their team to any hospitality owner seeking a trusted, results-driven partner.”
The JLL Hotels & Hospitality team representing the borrower included Managing Directors Adrienne Andrews and Analyst Jessica Mehra.
“This refinancing represented a rare opportunity to lend against a stabilized, trophy-quality asset in one of the nation’s most constrained luxury leisure markets,” said Andrews. “The sponsor’s ongoing stewardship, strong brand identity and disciplined operational management further reinforce Ambiente standing as one of the most compelling independent hotel investment opportunities in the country.”
