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Royal Palms Gets Hyatt Flag in Sale Transaction

PHOENIX—Hyatt Hotels Corporation recently purchased the iconic resort for $88.25 million and a record $742,000 per guest room as the resort continues to operate as the Royal Palms Resort and Spa.

By Lisa Brown | lisabrown | | Updated on August 01, 2016
Royal Palms Resort Royal Palms Resort first opened in 1929 as the home of New York financier Delos Willard Cooke.
PHOENIX—The historic Royal Palms Resort and Spa is nestled at the foot of Camelback Mountain and borders Scottsdale and Paradise Valley, located at 5200 East Camelback Rd. It first opened in 1929 as the home of wealthy New York financier Delos Willard Cooke. The property drew immediate attention and became a beloved local landmark known for its Mediterranean and Spanish Colonial architecture, and luxurious landscaped grounds. Hyatt Hotels Corporation recently purchased the iconic resort for $88.25 million and a record $742,000 per guest room. It will continue to operate as the Royal Palms Resort and Spa and will become affiliated with The Unbound Collection by Hyatt . Hodges Ward Elliott represented Lowe Enterprises Investors in the sale and Hodges Ward Elliott’s Los Angeles office managed the investment sales process. “This is a superb, historic property that has been the centerpiece of the local landscape since 1929 and we’re delighted that Hyatt Hotels will carry on the Royal Palms’ storied tradition as one of the most iconic Properties in the US,” said Mark Elliott , president of Hodges Ward Elliott. The hotel offers 119 oversized guestrooms, suites, casitas and villas, and more than 21,000 square feet of estate-like indoor and outdoor meeting space. Elliott tells GlobeSt.com: “It is a privilege for Hodges Ward Elliott to have been a part of this high-profile, record-breaking transaction. The fact that it originated from and was managed by our Los Angeles office is exciting for us, as our West Coast business continues to expand and gain market share.” Hodges Ward Elliott is a leading independent hotel brokerage and commercial real estate investment banking firm, with offices in New York City, Atlanta, Los Angeles, London and Seoul, South Korea. Its services include investment sales, recapitalizations and debt placement. The firm has completed more than $46 billon in real estate transactions.  

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