Kimpton Acquires 204-Room Caleo Resort

SCOTTSDALE, AZ-Kimpton Hotels & Restaurants Group LLC has acquired the 204-room Caleo Resort & Spa, marking its first purchase in the Southwest with a relatively new, $157-million equity fund, Kimpton Hospitality Partners LP.

The Caleo, located at 4925 N. Scottsdale Rd., will undergo an additional $3 million of renovations to complement $7.2 million invested into upgrades by seller, AGL Investments of Denver. Renovations are scheduled for completion in mid- to late 2006.

Joe Long, executive vice president of acquisitions and development for the San Francisco-based Kimpton, tells GlobeSt.com that the 44-year-old Caleo offered many attractions, not the least of which was location in North Scottsdale. Additionally, “the repositioning done by the former owner is generally in line with what we do,” Long says, “and this isn’t something we always see.”