Scottsdale Plaza Resort property sold for $90.75M

Scottsdale Plaza Hotel.jpg
Posted at 8:58 AM, Jul 01, 2021

SCOTTSDALE, AZ — The Scottsdale Plaza Resort, one of the largest hospitality properties in the Valley, was acquired by a partnership between premier hospitality management company Highgate and Boston-based real estate private equity firm Rockpoint Group.

The transaction priced at $90.75 million closed Wednesday, according to documents filed with the Maricopa County Recorder’s Office.

The property is located at 7200 N. Scottsdale Road in Paradise Valley.

Scottsdale Plaza Resort LLC sold the property to the partnership of Rockpoint and Highgate. Scottsdale Plaza Resort president and CEO David Lunt [] is named as an officer of the LLC entity in Arizona Corporation Commission filings,

New York-based Highgate has had a presence in the state for years both owning or managing more than a dozen hospitality properties across Arizona. Rockpoint has owned properties around the Valley in the past and most recently in December 2020 acquired three development sites planned for the construction of 1,117 residential units and a 21,325 square foot class A retail parcel.

Read more of this story from the Phoenix Business Journal.