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SCOTTSDALE, AZ-After spending $77 million for the 483-room Resort Suites, Trinity Hotel Investors LLC and the Goldman Sachs-run fund, Whitehall Street Global Real Estate LP, plan to put another $2 million to $4 million into renovating their first joint acquisition in the area, according to market sources.

The renovation of the 18-year-old asset at 7677 E. Princess Blvd. will include all common areas. “We think that the property itself offers a great potential,” says Brian Martin, a principal in Trinity Hotel Investors, “and with the right capital investment, combined with a strong asset management approach and some focused property effort, this offers a potential for a significantly strong cash flow.” The JV bought the hotel from the local Zuckerman family, which will continue to manage it.

Martin tells GlobeSt.com that the joint venture plans to hold the asset for the medium term, with an emphasis on stabilizing it. “Trinity and Whitehall have been investment partners in the past,” he explains, “but this is a single-purpose entity that was designed to acquire this particular asset.”

Martin isn’t disclosing the hotel’s daily occupancy, but did say that most properties in the area hover 70%. “It would be our goal, over the medium term, to bring this hotel into the range of these properties,” he adds, noting the plans are to operate it as a “transient hotel.”

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