Braemar Hotels & Resorts has acquired Four Seasons Resort Scottsdale at Troon North in North Scottsdale for a total consideration of $267.8m.
Braemar closed the deal after announcing the agreement earlier last month.
Located on East Crescent Moon Drive in Scottsdale, Arizona, Four Seasons Resort Scottsdale at Troon North has 210 rooms including 22 suites.
The property houses 35,900ft2 of total indoor and landscaped outdoor event space featuring three ballrooms, and private meeting rooms including two dedicated boardrooms.
Dining options at the hotel include 100-seat Talavera steakhouse, 180-seat Proof cantina, 55-seat Saguaro Blossom poolside restaurant and 100-seat Onyx Bar and Lounge.
In addition, guests will have access to outdoor adventure, including two world-class golf courses, four pickleball, two tennis courts and other.
Due to its proximity with the city of Scottsdale, guests will have access to numbers of shopping boutiques, restaurants, Old West history and Native American art.
At the time of agreement, Braemar president and CEO Richard Stockton said: “The acquisition of the Four Seasons Resort Scottsdale is an exciting opportunity for us to acquire a timeless, luxury resort ideally located in picturesque North Scottsdale.
“This exquisite Property fits perfectly with our strategy of owning high RevPAR luxury hotels and resorts and further diversifies our portfolio.”
The deal includes 5.7 acres of excess developable land ideal for developing new hotel keys, as well as fitness and health studios, restaurants, and accessory buildings.
Braemar funded the deal with cash on hand without issuing common equity.
The company expects to realise a stabilised yield of approximately 8% on its investment in the next three to five years.