Phoenix luxury resort sold to Hyatt for $88.25 million

AP News
Posted: Jul 14, 2016 3:13 PM

PHOENIX (AP) — Los Angeles-based Lowe Enterprises has sold a luxury resort in Phoenix to Hyatt for $88.25 million.

The Arizona Republic reports ( ) that the sale of the Royal Palms Resort & Spa closed on Wednesday. Hyatt says the Royal Palms will be part of its new Unbound Collection by Hyatt, a group of hotels it advertises as offering "story-worthy" stays.

Lowe paid $31.6 million for the resort in January 1998.

Royal Palms has been around since 1929. It was the winter home of New York financier Delos Willard Cooke and host to then-President George W. Bush for two nights in 2004.

Royal Palms will keep its name. It is the sixth Unbound hotel and the first in Arizona.


Information from: The Arizona Republic,