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.

Leaving the Left
John Stossel

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


Information from: The Arizona Republic,