Classic Hotels & Resorts, the hospitality division of Grossman Company Properties, has completed the $100 million refinancing for the expansive Arizona Grand Resort & Spa in Phoenix. The loan was arranged by CBRE for the 142 acre, 750-room complex. The property includes a 10-acre water park, an 18-hole golf course, a 32,000 square foot spa and an additional 150 luxury apartments, which will open October 1.
“Refinancing the Arizona Grand is an indication of the resurgence of the resort market in Arizona.” Said Matt Crow, CEO of Grossman Company Properties “It is also very gratifying as another ratification of Classic Hotels & Resort’s strategy for increasing the performance and value of our portfolio of hotels.”
Classic Hotels & Resorts was the owner, redeveloper and manager of the Arizona Biltmore Hotel, which they sold to Boca Resorts in 2000 for the then record price of $362 million or approximately $660,000 per room.
Arizona Grand Resort & Spa, www.ArizonaGrandResort.com