The hotel, which opened in 1999, is located on about 10 acres of fee simple land and abuts two championship-level golf courses at the Tournament Players Club. The hotel features 270 two-room suites, as well as a restaurant, lobby lounge, fitness center and pool. In addition, the hotel offers more than 10,000 sf of indoor meeting space and an additional 6,000 sf of outdoor event space.

The purchase price includes the assumption of $33.5 million of existing debt with a fixed-rate interest of 6.1%. According to Host Marriott, Ebitda for the first 12 months of ownership is forecast to be approximately $5.5 million.

According to industry experts, Scottsdale is one of the hottest hospitality markets in the nation. It has 63 hotels with a combined total of more than 11,000 rooms, according to the Scottsdale Convention & Visitors Bureau. Moreover, Starwood Hotels & Resorts Worldwide Inc. announced in July that it would build its first W Hotel in Arizona in Scottsdale. Scheduled to open in 2007, the W Scottsdale Hotel and Residences will feature 225 guestrooms, spa, restaurant, two bars and 25 to 30 luxury condominiums.