Strategic Hotels & Resorts has entered an agreement with an affiliate of Walton Street Capital to acquire Four Seasons Resort Scottsdale in Arizona, US, for around $140m.

Located in Troon North, the resort features 210 guest rooms spread over 40 acres. Four Seasons will continue to manage the property until the transaction is completed.

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According to Strategic, the property also includes 13.8 acres of developable land zoned for an additional 88 hotels keys and residential usage.

"The resort is poised to continue to benefit from the positive Scottsdale market dynamics and includes significant value-enhancing opportunities to hotel operations."

The property’s hotel features 22 suites, 24,000ft² of indoor meeting space, a 14-treatment room spa, four food and beverage outlets and contractual access to 36 holes of championship golf at the adjacent Troon North Golf Club.

Strategic Hotels & Resorts chairman and CEO Raymond Gellein said: "We are thrilled to be acquiring the Four Seasons at Troon North, a preeminent luxury resort located in the exclusive Troon North development in Scottsdale, Arizona, and expanding our presence in this market characterised by high demand and constrained supply.

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"The resort is poised to continue to benefit from the positive Scottsdale market dynamics and includes significant value-enhancing opportunities to hotel operations and potentially through the future addition of hotel keys and amenities on two vacant and entitled adjacent parcels of land."

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Subject to customary closing conditions, the transaction is expected to be completed during the fourth quarter of this year.

Strategic currently owns stake in 16 properties with an aggregate of 7,865 rooms and 835,000ft² of meeting space.