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Blackstone sells Phoenix resort for $602M to Trinity, Elliott funds

A joint venture between funds managed by Trinity Real Estate Investments LLC and funds managed by Elliott Management Corp. acquired the JW Marriott Desert Ridge Resort & Spa in Phoenix, according to a release published on PE HUB Network.

The Phoenix Business Journal reported that the 396-acre resort was sold for $602 million by Blackstone Group Inc., which owned it via BRE Thunder Desert Ridge Property Owner LLC. Blackstone acquired the asset in 2015 as part of a $1.3 billion deal, according to the Sept. 3 report.

The property includes a 950-room hotel, 212,500 square feet of flexible meeting space, seven food and beverage options, and other amenities, including five pools and two golf courses.

The buyers plan to implement a multimillion-dollar capital improvement plan at the asset and are also considering expanding the resort.

In December 2018, Trinity and Elliott acquired the 409-acre Grande Lakes Orlando Resort luxury complex in Orlando, Fla., for $880 million from Blackstone.