Ryman Hospitality Properties, Inc. has agreed to acquire a hotel property in Phoenix for $865 million. The price for JW Marriott Phoenix Desert Ridge Resort & Spa represents about a 44 percent premium from the $602 million that Trinity Investments paid for the property in 2019.
According to a statement by current owner Trinity, the 950-room hotel stands as the biggest resort in the city.
The sale comes a couple of years after the investment firm completed a nearly $100 million renovation of the JW Marriott. This included upgrades to the lobby, launching two new restaurants, redesigning guest rooms and implementing a water park complex.
Recommended For You
“This sale is a prime example of how Trinity’s proven value-add platform and successful repositionings continue to drive enhanced operational and financial performance through active asset management,” Sean Hehir, managing partner, president and CEO of Trinity, said.
“We have transformed the property into a landmark destination for both business and leisure travelers, and are proud to be able to deliver strong returns for our investors. We look forward to the JW Marriott Phoenix Desert Ridge Resort & Spa’s future success under new ownership.”
To fund a portion of the purchase, Ryman said that it's using the roughly $275 million it raised from a stock offering. Additionally, the Nashville-based firm noted that it expects to fetch another roughly $614 million from a senior notes private placement, with a 2033 maturity.
The acquisition of JW Marriott is anticipated to close within the next four months.
In the first quarter, Ryman said that its hospitality occupancy was 69.7 percent, up 300 basis points year-over-year. Its average daily rates increased by 5.6 percent to $264.40, while RevPar surged by 10.2 percent to $184.21.
While it's been a strong start to the year for Ryman — it might not continue as a result of an expected decline in international traveling due to trade and political tensions. The World Travel & Tourism Council is forecasting that international visitor spending in the U.S. will decline by a total of $12.5 billion from 2024, with travel revenue set to dip by seven percent to less than $169 billion. A big chunk of the losses is expected to hit New York, at $4 billion alone.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
