Blackstone has struck an agreement to sell the Arizona Biltmore hotel to a London-based private equity real estate manager called Henderson Park for $705 million, according to Bloomberg, which cited people familiar with the matter as a source.
The Phoenix property is a Waldorf Astoria resort that Blackstone bought nearly six years ago for $400 million from Singaporean sovereign wealth fund GIC and then spent more than $150 million in renovations.
Like all of the other asset classes, hospitality has experienced a significant drop in investment sales. MSCI figures from November show sales came in at $1.3 billion or 69% less than a year ago, according to Colliers.
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Volume also declined 20% from October with the number of properties sold "reminiscent of pandemic-era activity," according to Colliers analyst Aaron Jodka.
The only property to cross the $100 million mark that month was the 196-room Hilton Brooklyn New York, which traded for $105 million, or $535,714 per room. Ohana Real Estate Investors acquired the property from Frank Inc.
However, as Bloomberg notes, sales of luxury product seem to be more active. Brookfield Asset Management sold a majority stake in the Ritz-Carlton Key Biscayne to Gencom and Hyatt Hotels is in talks to sell the Park Hyatt Zurich to Trinity Investments, Bloomberg reported in December.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
