Grossman Placing $110M-Plus Bet on Resort

Grossman is planning to invest another $50 million into renovating the 174-acre resort at 7777 South Pointe Parkway, much like it did to the Arizona Biltmore Resort & Spa when it bought it out of foreclosure in 1992. Grossman pumped $60 million into retooling the Biltmore at 2400 E. Missouri Ave., which is about 15 miles north of Pointe South.

Pointe South's redevelopment will include an overhaul of guest suites, a new grand entry development, an expansion of its huge water park and landscaping. "We're looking to phase in this renovation during the next three years. We'll start with the master planning, then sequence it in to make sure it's seamless as far as the guest experience is concerned," says Anne McGoldrick, Grossman's senior vice president of management." We did that effectively with the Arizona Biltmore and we're planning the same here." She tells GlobeSt.com that renovations are the only major changes on tap, with the plan to hold onto the property's name and management team.

One local expert, Jay G. Snyder, managing partner with Phoenix-based Snyder Nationwide Real Estate Inc., says the updates are timely for the property. "When they first built these original Pointe hotels, they weren't built with the highest quality," he says. "They have a good room size, but other improvements are needed to make this a high-end type of property."

Snyder, a hotel broker, tells GlobeSt.com that if any company can offer a quality upgrade to the 30-year old hotel, Grossman Properties can. "Grossman has the magic touch with these types of assets," he says. "They'll go in and take assets with great locations and great bones with value-added plays in the market and spruce them up. I think this is a great buy for them."