PHOENIX — Henderson Park, an international private equity real estate firm, has acquired the Arizona Biltmore resort in Phoenix. Blackstone Real Estate sold the asset for $705 million. The 705-room luxury hotel recently underwent a substantial renovation. Originally opened in 1929, the property is situated on 39 acres and is located about 10 miles from the Phoenix Sky Harbor International Airport. Amenities include more than 200,000 square feet of meeting space, seven swimming pools, multiple food-and-beverage outlets and a 28,000-square-foot spa. Pyramid Global Hospitality, a hotel management company with which Henderson Park previously acquired the La Quinta Resort in Palm Springs in 2021, will serve as the hotel manager for the Arizona Biltmore. Morgan Stanley, along with Deutsche Bank and JPMorgan, provided a $460 million commercial mortgage to finance the acquisition. The resort purchase was completed through funds managed by Henderson Park, including a commitment from Cincinnati-based Western & Southern Financial Group Inc. and its real estate arm, Eagle Realty. “This transaction presents a rare and compelling opportunity to acquire a historic but newly refurbished hotel in one of the country’s premier hospitality markets, and to both immediately capitalize on accelerated performance and to further enhance the resort’s offering into …
