Buyer plans extensive renovation and transformation to luxury destination property
“Our team was able to show investors the upside potential with operational efficiencies and property renovations,” says Jon Grantham, vice president with Colliers International in Arizona. “This allowed us to maximize the price, even during the COVID-19 pandemic and the current credit crunch on hospitality debt.”
Sedona, as a hospitality market, poses a very high barrier for entry. The buyer plans to rebrand Poco Diablo and provide a product that will compete against the other upper scale hotels in the area.
Grantham, James Meng, Mike Montoya, Ryan Wall and Phil Breidenbach represented the Fort McDowell-Yavapai Nation in the sale of the resort property. Bentley Legacy was self-represented.
Poco Diablo Resort is located at 1752 AZ Highway 179 in Sedona. Constructed in 1977 and remodeled in 1995, the property features 137 guest rooms on 18 acres, as well as a nine-hole golf course.
Aimbridge Hospitality is a global leader in third-party hotel management services. The company is the largest operator of Marriott, Hilton and Hyatt branded hotels in the world. The Aimbridge management portfolio include more than 1,400 branded and independent properties in 49 states, the Caribbean and 20 countries.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers and LinkedIn.
Colliers International in Arizona has served clients locally and globally for more than 40 years.