Trinity Investments has sold the JW Marriott Phoenix Desert Ridge Resort & Spa to real estate investment trust Ryman Hospitality Properties for $865 million.
Trinity bought the 950-room hotel from Blackstone in 2019 for $602 million and invested $100 million into a renovation, which was completed in 2023. The renovation added a waterpark complex and two signature restaurants, in addition to overhauling guestrooms and refreshing the lobby.
Honolulu-based Trinity Investments’ current portfolio includes 25 hotels around the world. Recent acquisitions include The Standard London, which it purchased for $225 million from Crosstree Real Estate Partners in November; The Scottsdale Plaza Resort, which it bought from Highgate Hotels in April 2024 for $124 million; and the Fairmont Olympic Hotel Seattle, which it bought for $87 million in December from Ivanhoe Cambridge and Rockwood Capital.
“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 in a news release announcing the deal. “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.”
Trinity recently extended its asset management and development services to other owners and lenders. Greg Dickhens, Trinity principal and managing director told CoStar News’ Bryan Wroten that Trinity’s success acquiring and repositioning underperforming hotels propelled this new strategy.
Nashville-based Ryman Hospitality Properties’ portfolio of 27 hotels and 11,665 rooms includes five properties affiliated with the Gaylord Hotels brand. Its most recent acquisition was the JW Marriott San Antonio Hill Country Resort & Spa, which it bought in 2023 from Blackstone for $800 million, according to CoStar data.