A joint venture between Partners Group, a leading global private markets firm, acting on behalf of its clients, and funds managed by Trinity Investments, announced the acquisition of The Scottsdale Plaza Resort & Villas, located in Paradise Valley, Arizona.
The Scottsdale Plaza Resort & Villas features 404 rooms spread across the central hotel and surrounding villa suites, as well as 50,000 square feet of meeting space. The transaction also includes the potential for expansion with entitlements secured by the seller.
In recent years, Phoenix has become one the most populous and fastest-growing metro areas in the U.S., and is a leading destination market, hosting more than 23 million visitors annually. The Resort is located on nearly 40 acres of land in one of Phoenix’s nicest towns, Paradise Valley, and is directly adjacent to The Ritz-Carlton Hotel & Residences, Paradise Valley, and its surrounding developments.
“The Scottsdale Plaza Resort & Villas is a prime example of an excellent property coming to market in need of a significant capital investment from a partnership like Trinity and Partners Group that can deliver a development plan for future growth,” said Sean Hehir, Managing Partner, President, and CEO of Trinity. “We are pleased to work with Partners Group again as we execute on our repositioning and enhancement plan for this already well-performing asset.”
As part of its acquisition strategy, Trinity will execute a targeted capital plan intended to create a cohesive resort experience, specifically catering to large groups, friends and family, and premium leisure travelers. The Resort will remain unencumbered of brand and will continue to be managed by Highgate.
“Trinity has been an excellent partner in creating, managing and delivering additional value on our joint investments,” said Jason Longo, Senior Investment Leader, Partners Group. “I am looking forward to continuing to build our real assets portfolio and platform together.”
This acquisition extends the partnership between the two firms, which began with their first joint venture in 2022 with The Las Colinas Resort in Dallas, which recently converted to The Ritz-Carlton Dallas, Las Colinas.
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