The Arizona Biltmore, one of the longest-running and most notable resorts in the Valley, is under new ownership and new management.
A joint partnership between London-based private equity firm Henderson Park and Boston-based Pyramid Global Hospitality has acquired the 28-acre property for $705 million from investment management company Blackstone Inc., according to real estate database Vizzda. The deal closed on May 8.
The sale is by far the largest hospitality real estate transaction in the Valley so far this year — and dwarfs the $115.5 million price tag for the DoubleTree Resort by Hilton Paradise Valley, which was the metro's largest hotel sale of 2023. This deal shows that luxury and higher-end properties are still the largest drivers when it comes to sales in hotel ownership.
