Trinity Investments Sells Phoenix Hotel to Ryman REIT for $865M – Commercial Observer
One of the biggest hotel sales in recent years was just completed in the Valley of the Sun.
Nashville, Tenn.-based Ryman Hospitality Properties has acquired the 950-room JW Marriott Phoenix Desert Ridge Resort & Spa from Trinity Investments for $865 million. Trinity purchased the hotel in 2019 for $602 million and oversaw a $100 million renovation that finished in 2023.
The transaction marks the largest hotel sale of the year thus far, and the largest hospitality deal since RIDA Development Corporation and Ares Management Real Estate purchased the Hyatt Regency Orlando for $1.07 billion last August.
The deal is expected to close in the second or third quarter of 2025, according to Trinity Investments.
Upon acquiring the hotel six years ago, Trinity began a top-to-bottom renovation that included upgrades to the lobby, resigned bedrooms, a new on-site water park and a pair of new restaurants. The investments seemingly paid off; only a few months ago, U.S. News & World Report ranked the JW Marriott Desert Ridge Resort & Spa as one of the best hotels in Phoenix.
Sean Hehir, managing partner, president and CEO of Trinity, said in a statement that the $865 million sale reflects his firm’s value-add strategy that includes both active management and repositioning hospitality assets, mainly through capital infusion, to improve financial performance.
“We have transformed the property into a landmark destination for both business and leisure travelers, and are proud to be able to deliver strong returns for our investors,” said Hehir. “We look forward to the JW Marriott Phoenix Desert Ridge Resort & Spa’s future success under new ownership.”
Located at 5350 East Marriott Drive, the JW Marriott Phoenix Desert Ridge Resort & Spa opened in 2002 and is part of the 5,700-acre Desert Ridge master-planned community that began its development in the 1990s. Aside from the hotel, it now includes a golf club, medical campus, senior living facility and three mixed-use developments for residents.
JW Marriott sits on 402 acres of land and, in addition to its waterpark, includes 243,000 square feet of meeting space.
Ryman did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
