JW Marriott Desert Ridge Acquired - Metro Phoenix Alliance

Arizona’s Largest Resort

Ryman Hospitality Properties has entered into a definitive agreement to purchase the JW Marriott Phoenix Desert Ridge Resort & Spa for a total consideration of $865 million. The luxury resort will continue to be managed under the JW Marriott brand through its affiliation with Marriott International.

Nestled within 402 acres in north Phoenix, Arizona’s largest resort includes 950 guest rooms and over 243,000 square feet of flexible meeting and event space. In recent years, the property has undergone significant enhancements, with nearly $100 million invested in upgrades such as guest room renovations, a redesigned lobby, and enhancements to water-based amenities.

The acquisition is anticipated to close in the second or third quarter of 2025, pending customary closing conditions. Ryman projects that the transaction will be accretive to its adjusted funds from operations (FFO) per share by 2026. The deal marks a strategic expansion of Ryman’s geographic footprint into the Western United States, specifically into the Metro Phoenix market—recognized as one of North America’s top 10 destinations for meetings and conventions.

Via Hotel Online:

Trinity Investments (“Trinity”), a U.S.-based hospitality-focused real estate investor, announced today the sale of the JW Marriott Phoenix Desert Ridge Resort & Spa, a 950-room hotel and the largest resort in Phoenix, for $865 million to Ryman Hospitality Properties, Inc. (NYSE: RHP).

Trinity acquired the asset in 2019 for $602 million, with financial backing from Elliott Investment Management. In 2023, Trinity completed a nearly $100 million renovation project for the property, refreshing the lobby, completely redesigning guest rooms, adding a full water park complex, and opening two new signature dining destinations, including Tía Carmen, led by acclaimed executive chef Angelo Sosa. Earlier this year, U.S. News & World Report ranked the JW Marriott Desert Ridge Resort & Spa as one of the best hotels in Phoenix.

“This sale is a prime example of how Trinity’s proven value-add platform and successful repositionings continue to drive enhanced operational and financial performance through active asset management,” said Sean Hehir, Managing Partner, President and CEO of Trinity. “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. We look forward to the JW Marriott Phoenix Desert Ridge Resort & Spa’s future success under new ownership.”

The sale of the renovated JW Marriott Phoenix Desert Ridge Resort & Spa underscores Trinity’s deep expertise in asset management and development. Recently, the firm launched Trinity Asset Management Services and Trinity Development Services, two distinct offerings that provide third-party hotel owners and lenders with direct access to Trinity’s operational expertise and development capabilities.

The sale is set to close in the second or third quarter of 2025. Terms of the transaction are not being disclosed.

About Ryman Hospitality Properties

Ryman Hospitality Properties, Inc. is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences. The Company’s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns the JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to our Gaylord Hotels properties. The Company’s hotel portfolio is managed by Marriott International and includes a combined total of 11,414 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country.