|
Scottsdale
Princess sells for $345 million By
The Business Journal
Strategic
Hotels & Resorts Inc. Wednesday announced plans to acquire
The Fairmont
Scottsdale Princess for $345 million.
The
purchase, from an affiliate of Fairmont
Raffles Holdings International, also includes an
adjacent 10-acre parcel with a $15 million price tag. The deal
is expected to close during the third quarter.
The
651-room destination resort is located on a 65-acre site in
North Scottsdale
. The hotel features 72 villas, 119 casitas, five restaurants,
preferred access to the adjacent 36-hole Tournament Players
Club Scottsdale golf course, 54,000 square feet of executive
meeting space, and the 44,000-square-foot Willow Stream spa.
Strategic
Hotels forecasts that the property will contribute about $8
million in pre-tax earnings in the last four months of 2006
and $28 million in the first 12 months of ownership.
"In
addition to the significant value-added opportunities at the
resort, our acquisition of the adjacent 10-acre development
parcel provides an exciting consumer research-driven
opportunity to add a substantial number of additional keys,
indoor and outdoor meeting and conference space and other
high-end amenities," said Strategic Hotels Chief
Executive Laurence Geller.
Chicago-based
Strategic Hotels & Resorts (NYSE:BEE) is a real estate
investment trust that owns and manages high-end hotels and
resorts. For more: www.strategichotels.com.
|
