San Diego investors have bought the JW Marriott Starr Pass Resort & Spa on Tucsonβs west side.
Southwest Value Partners bought the 575-room resort from Fortress Investment Group for $110 million.
βStarr Pass is an iconic property in Arizona, and we are pleased to add it to our growing portfolio,β managing partners Mark Schlossberg and Cary Mack said in a joint statement. βThe well-appointed rooms and suites, luxury amenities and excellent service make for an unforgettable visitor experience.β
Key features of the property include more than 80,000 square feet of indoor and outdoor meeting and event space, seven food and beverage outlets; three pools, including a lazy river and water slide; a 20,000 square foot spa; and the 27-hole, Arnold Palmer-designed Starr Pass Golf Club.
Christian Charre, Jennifer Bergamo, Paul Weimer and Jennifer Jin, with CBRE Hotels, represented the seller.
βWe are pleased to have found a buyer who understands Tucson and everything that this unique resort has to offer but will also take the JW Marriott to its next chapter through a renovation,β Charre said.
The resort, which opened in 2005, will continue to be managed by Marriott.
Southwest Value Partners is evaluating possible renovations and upgrades. The company also owns the Westin La Paloma Resort & Spa at 3800 E. Sunrise Drive.
No new resort development is expected in the Tucson market in the foreseeable future, said Kimbra Cole and Jerry Hawkins, with Hawkins Cole Hospitality & Investment Real Estate.
Among the features at JW Marriott Starr Pass Resort & Spa areΒ three pools, including a lazy river and water slide; a 20,000 square foot spa; and the 27-hole, Arnold Palmer-designed Starr Pass Golf Club.
βThere is a significant amount of interest and a large amount of equity available for acquiring both resort and non-resort hospitality assets in metro Tucson today,β they said via email. βThe demand for room nights is increasing across Arizona and occupancy in resorts has improved greatly over the last several years.β
They noted that booking for meetings, conferences and events are also increasing, and golf revenue has stabilized and demand for rounds is increasing nationwide.
βThis acquisition of Starr Pass by SVP should prove financially rewarding over their ownership period,β Cole and Hawkins said.
P18 will be a cocktail bar in the basement with a 51-passenger train car and a rolling video in the windows that gives the illusion of being on a moving train. Video courtesy of Rio Nuevo.
