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PHOENIX-Hoping for a cash infusion to fund new purchases, the firm that owns the Arizona Biltmore Resort & Spa has announced that it may sell or refinance the luxury hotel property.

La Quinta, CA-based KSL Recreation Corp. has asked Goldman, Sachs & Co. to explore the potential sale or refinancing of the Biltmore Resort along with five other luxury resorts in its portfolio. “They’re exploring the possibility of either bringing in joint venture partners or shopping the portfolio properties, ” Patricia Peeples, a spokeswoman for KDL tells GlobeSt.com.

Peeples says the move by the Biltmore’s owners “does not necessarily mean” the property will be put on the block. “In all likelihood, one of the primary possibilities is that a partnership could be formed and KSL will retain the management contract and equity,” she says.

Known worldwide as “The Jewel of the Desert,” the 738-key Biltmore, set on 39 acres at the foot of the Phoenix Mountain Preserve, is one of Arizona’s premier luxury resorts and spas. Built in 1929, the 2400 E. Missouri property, which lies adjacent to the Arizona Biltmore Country Club, has been sold three times in the last 10 years, first for $51 million in 1993 and again five years later for $290 million. KSL bought the property in 2000 for $335 million and has invested $38 million into it, according to Peeples.

In a related move, KSL recently partnered with Kohlberg Kravis Roberts & Co., a private equity firm, to explore investment opportunities in the hospitality and resort arena. The venture recently purchased the La Costa Resort & Spa in Carlsbad, CA from KSL and expects to close later this month on the Hotel del Coronado resort in Coronado, CA. Peeples says the two new purchases will form the “cornerstone” of the new venture.

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