Nashville, Tennessee-based Ryman Hospitality Properties will soon acquire one of the largest resorts in greater Phoenix, in a transaction priced at $865 million.
The real estate investment trust has entered into a definitive agreement to acquire the JW Marriott Phoenix Desert Ridge Resort & Spa from Trinity Investments, according to separate Monday news releases. Ryman Hospitality Properties will purchase the 950-key property in a transaction expected to close in the second or third quarter of this year. The companies did not disclose further details regarding the transaction’s terms.
Situated on roughly 402 acres of Arizona’s Sonoran Desert, the JW Marriott Desert Ridge offers 243,000 square feet of indoor and outdoor meeting and event space as well as a 28,000-square-foot spa; seven food and beverage outlets; and the 140,000-square-foot AquaRidge water park complex with water slides, a lazy river and an adults-only island.
The property also has two golf courses at the Wildfire Golf Club: the Nick Faldo-designed Championship Course and the Arnold Palmer-designed Signature Course.
In 2023, the resort underwent nearly $100 million in capital improvements, including the complete renovation of its rooms and suites, upgrades to its lobby and water amenities and the revamp of its food and beverage outlets, per Ryman.
The renovation “transformed the property into a landmark destination for both business and leisure travelers,” Trinity CEO Sean Hehir said in a statement. The Honolulu, Hawaii-based investment firm acquired the property in 2019 for $602 million.
The JW Marriott Desert Ridge is known for hosting large-scale events, including The Lodging Conference, making it a desirable addition to Ryman’s portfolio given the “limited availability of marquee group-focused assets that complement our existing portfolio and group strategy,” the REIT’s CEO Mark Fioravanti said in a statement.
The resort will continue to operate under Marriott International’s JW Marriott flag, though Ryman plans to pursue near- and long-term “value creation opportunities,” per its release.
The acquisition follows Ryman’s $800 million purchase of JW Marriott San Antonio Hill Country Resort & Spa in San Antonio, Texas, in 2023.
The Phoenix metropolitan area benefits from a robust tourism market, local hospitality pros previously told Hotel Dive.
At the beginning of this year, hospitality industry leaders shared that hotel investment more broadly will likely ramp up in 2025. And while Q1 hotel transaction volume increased 23% year over year, per JLL, investment outlooks for the remainder of the year have become hazier amid ongoing economic uncertainty.
