Resort industry sources say that the current owner of the hotel, Boca Resorts, is negotiating to sell the historic Phoenix resort. Boca Resorts, owned by Wayne Huizenga, owns other resorts but they are all in Florida. Boca purchased the hotel in 1988 for $290 million, and spent another $40 million on renovations and expansions.
According to industry sources, the interested buyer is KSL Recreation Corp., a Palm Springs, CA-based resort owner and manager. Formed in 1992, KSL has been buying top resorts all over the country. The firm owns 17 golf courses, two resorts in Palm Springs and properties in Miami and Maui. The company lists assets of $1.2 billion.
The 71-year-old resort, which was designed by Frank Lloyd Wright, is considered to be the one of the very best resorts in the nation. Even with increased competition, the hotel has performed well over the past several years.
A sale is expected to be announced within the next 60 days.
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