Scottsdale, AZ– July 19, 2016 – Hodges Ward Elliott (“HWE”), a leading independent hotel brokerage and commercial real estate investment banking firm, with offices in New York, Atlanta, Los Angeles, London and Seoul has represented Lowe Enterprises Investors in the sale of the Royal Palms Resort and Spa. Hyatt Hotels Corporation purchased the historic, iconic property for $88.25 million and a record $742,000 per guest room.
HWE’s Los Angeles office managed the investment sales process.
“This is a superb, historic property that has been the centerpiece of the local landscape since 1929 and we’re delighted that Hyatt Hotels will carry on the Royal Palms’ storied tradition as one of the most iconic Properties in the U.S.,” said Mark Elliott, President of Hodges Ward Elliott. “We are delighted we could assist Lowe Enterprises Investors in such a monumental and record-breaking transaction.”
The Royal Palms Resort and Spa is nestled at the foot of Camelback Mountain and borders Scottsdale and Paradise Valley. It will continue to operate as the Royal Palms Resort and Spa and will become affiliated with The Unbound Collection by Hyatt. The hotel offers 119 oversized guestrooms, suites, casitas and villas, and more than 21,000 square feet of estate-like indoor and outdoor meeting space. It first opened in 1929 as the home of wealthy New York financier Delos Willard Cooke. The property drew immediate attention and became a beloved local landmark known for its Mediterranean and Spanish Colonial architecture and luxurious landscaped grounds.
HWE is a leading hotel brokerage and commercial real estate investment banking firm, providing total capital solutions including investment sales, recapitalizations and debt placement for our clients. HWE has completed more than $46 billon in real estate transactions.