GRMM Investment Fund Acquires Hotel In Fountain Hills, AZ For $66.5M | 13225 North Eagle Ridge Drive | Hotel | Sale

Summary

Sale

ARIZONA

Hotel

The property involved in the transaction is a 177-room hotel located at 13225 North Eagle Ridge Drive in Fountain Hills, AZ. The sale price for this asset was $66,500,000 with a price per key of $375,706.

Summary of transaction details:

Property Type: Hotel
Transaction Amount: $66,500,000
Address: 13225 North Eagle Ridge Drive
Market: Fountain Hills, AZ
Buyer: GRMM Investment Fund
Keys: 177

GRMM Investment Fund, representing the buyer, secured the property known as Adero Scottsdale, previously CopperWynd Resort. The acquisition of the 177-room hotel was aimed at resolving financial challenges that arose from Palisades Resorts' payment issues, ultimately ensuring the continuity of staff employment and the maintenance of the property under the Marriott franchise in Scottsdale, Arizona.

Details

Deal Summary

SOLD

IMAGE: 02/13/2024 ADDRESS: 13225 North Eagle Ridge Drive MARKET: Fountain Hills, AZ ASSET TYPE: Hotel BUYER: GRMM Investment Fund SALE PRICE: $66,500,000 KEYS: 177 ~PPK: $375,706 NOTE: Adero Scottsdale, formerly CopperWynd Resort, faced financial issues leading to receivership after Palisades Resorts' payment cessation. GRMM Investment Fund offered $66.5 million to buy the 177-room hotel, aiming to settle outstanding loans, while pledging to retain staff and uphold the Marriott franchise, ensuring continuity in the scenic Scottsdale, Arizona location.

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Address13225 North Eagle Ridge Drive

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