Rockpoint, a Boston-based real estate private equity firm, and Highgate, a leading hotel management, investment and development company, today announced the sale of the Scottsdale Plaza Resort and Villas, a historic hotel in the heart of Paradise Valley, Arizona. The buyer, Trinity Investments, paid $124,300,000 for the property, according to Vizzda.

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Centrally located in Paradise Valley, the Scottsdale Plaza Resort and Villas is a 404-room hotel featuring more than 50,000 square feet of event space, five pools, tennis courts, a state-of-the-art fitness center, and luxury spa amenities. The Hotel is conveniently located in close proximity to Old Town Scottsdale and downtown Phoenix and is surrounded by the expansive Sonoran Desert with nearby hiking trails and nearly 40 acres of gardens. Originally built in 1976, the Hotel has a deep-rooted legacy as one of the largest operated resorts in Arizona. 

“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,” said Aric Shalev, a Managing Member and Co-President at Rockpoint. “This investment underscores Rockpoint’s ability to collaborate with best-in-class operating partners and identify and add value to high-quality assets in high-growth markets. We believe the resort is well positioned to build on its rich heritage under new ownership.”

During its ownership, Rockpoint and Highgate have maintained the property’s rich heritage while also making upgrades like instituting a membership arrangement with Preferred Hotels and Resorts, modernizing the hotel’s e-commerce presence, and implementing institutional revenue management strategies. These enhancements positioned the property to benefit from strong underlying market fundamentals following the COVID-19 pandemic. 

“Highgate is pleased to have partnered with Rockpoint on Scottsdale Plaza Resort and Villas, and to have successfully executed on our value-add plan and delivered strong results,” said Zach Berger, Principal at Highgate. “We look forward to Highgate’s continued role operating the resort in conjunction with the buyer, and anticipate continuing to pursue the many opportunities to enhance this exceptional property.”

Newmark acted as broker for Rockpoint and Highgate on this transaction.