The hotel, which opened in 1999, is located on about 10 acres offee simple land and abuts two championship-level golf courses atthe Tournament Players Club. The hotel features 270 two-roomsuites, as well as a restaurant, lobby lounge, fitness center andpool. In addition, the hotel offers more than 10,000 sf of indoormeeting space and an additional 6,000 sf of outdoor eventspace.

The purchase price includes the assumption of $33.5 million ofexisting debt with a fixed-rate interest of 6.1%. According to HostMarriott, Ebitda for the first 12 months of ownership is forecastto be approximately $5.5 million.

According to industry experts, Scottsdale is one of the hottesthospitality markets in the nation. It has 63 hotels with a combinedtotal of more than 11,000 rooms, according to the ScottsdaleConvention & Visitors Bureau. Moreover, Starwood Hotels &Resorts Worldwide Inc. announced in July that it would build itsfirst W Hotel in Arizona in Scottsdale. Scheduled to open in 2007,the W Scottsdale Hotel and Residences will feature 225 guestrooms,spa, restaurant, two bars and 25 to 30 luxury condominiums.