Trinity Investments to Sell Phoenix Hotel for $865 Million
U.S. hotel RevPAR was down by -0.1% year over year in April. The Easter shift, geopolitical/tariff impact, were blamed for the sluggish month. Group RevPAR was down -2%.
Trinity Investments announced the sale of the JW Marriott Phoenix Desert Ridge Resort & Spa for $865 million to Ryman Hospitality Properties. The 950-room hotel is the largest resort in Phoenix. Trinity acquired the property in 2019 for $602 million with backing from Elliott Investment Management. Trinity completed a nearly $100 million renovation project in 2023, adding a full water park complex, two restaurants, and more. The hotel includes 243,000 square feet of meeting space, a spa, and two golf courses, situated on 402 acres in the Sonoran Desert. RHP said the resort will continue to be operated as a JW Marriott and will continue to be operated by Marriott International. RHP expects the acquisition to be accretive to its AFFO in 2026. RHP commenced an underwritten public offering of 2.3 mi
