SCOTTSDALE, ARIZ. — Driftwood Capital has obtained $115 million in refinancing for Scottsdale McCormick Ranch, a conference center resort in Scottsdale. MetLife Investment Management, the institutional asset management business of MetLife, provided the loan.
Driftwood’s $40 million renovation of Scottsdale McCormick Ranch Resort includes a complete redesign of all guest rooms, expanded food and beverage offerings, and the addition of 12 five-bedroom villas and a full-service luxury spa. Upon completion, the resort will be part of the Curio brand within the Hilton Worldwide portfolio.
Built in 1976 and claiming to be “the country’s first true conference center resort,” the property is adjacent to two 18-hole golf courses. The resort features 90,000 square feet of indoor-outdoor meeting and event space, two outdoor swimming pools, a spa and fitness center, several food and beverage outlets, a speakeasy, and interactive venue space with a golf simulator and pool table. The property is located within the planned community of McCormick Ranch.
Driftwood Hospitality Management, an affiliate of Driftwood Capital, will assume management responsibilities.