April 26, 2018
New York-based Blackstone Real Estate Advisors acquired the Arizona Biltmore resort in Phoenix from Singaporean sovereign wealth fund GIC for $403.4 million. The historic 740-room hotel near 24th Street and Missouri Avenue had hosted every U.S. president since Herbert Hoover until Barack Obama broke the streak.
The iconic Biltmore property opened in 1929, and last changed hands to the Singapore government through bankruptcy court in 2013. The sale is the biggest individual resort sale in Metro Phoenix since The Phoenician was sold to Host Hotels & Resorts for $400 million in 2015.
The resort is part of Hilton’s Waldorf Astoria collection, and the new owners plan to keep the property flagged as a Hilton hotel. Blackstone’s hospitality holdings also include the Motel 6 chain, Las Vegas’ Cosmopolitan hotel, as well as a part of Hilton Hotels & Resorts.
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