PHOENIX—Classic Hotels & Resorts has completed the $100-million refinancing for the expansive Arizona Grand Resort & Spa located here.
The loan was arranged by CBRE for the 142-acre, 750-room complex. The property includes a 10-acre water park, an 18-hole golf course, a 32,000-sq.-ft. spa and an additional 150 luxury apartments, which will open October 1.
“Refinancing the Arizona Grand is an indication of the resurgence of the resort market in Arizona,” stated Matt Crow, CEO of Grossman Company Properties “It is also very gratifying as another ratification of Classic Hotels & Resort’s strategy for increasing the performance and value of our portfolio of hotels.”
Arizona Grand Resort & Spa is located on 164 landscaped acres at the base of the South Mountain Preserve and offers 640 residential-style suites and 100 luxury Villa accommodations. The resort completed a $52-million redesign to enhance the property including all guest suites, main lobby, spa, golf course and restaurants.
Additionally, Arizona Grand Resort & Spa offers six dining venues, the full service Arizona Grand Athletic Club & Spa and 117,000 sq. ft. of meeting and function space, including a 20,000-sq.-ft. exhibit pavilion.
Arizona Grand Resort & Spa is managed by Classic Hotels & Resorts, an affiliate of Grossman Company Properties (GCP), a commercial and residential developer in the western United States. During the past 50 years, GCP has built, developed and managed properties such as the Arizona Biltmore Resort & Spa, Biltmore Fashion Park, Inn at Laguna Beach and the Phoenix Spectrum Mall.