PHOENIX (AP) — Los Angeles-based Lowe Enterprises has sold a luxury resort in Phoenix to Hyatt for $88.25 million.
The Arizona Republic reports (http://bit.ly/29Ftv2M ) 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, http://www.azcentral.com