Ryman Hospitality Properties Inc. has acquired the JW Marriott Phoenix Desert Ridge Resort & Spa from Trinity Investments for $865 million.
Ryman plans for the resort to continue to be operated by Marriott International under the JW Marriott flag. The purchase price represents a 12.7x Adjusted EBITDAre multiple on the resort’s 2024 results. The property’s 2025 results are expected to be impacted by construction disruption related to the meeting space renovation currently underway and ongoing through the third quarter. The company expects the acquisition of the resort to be accretive to adjusted funds from operations (Adjusted FFO) per fully diluted share for 2026.
“The JW Marriott Desert Ridge has been one of our top acquisition targets for many years,” said Mark Fioravanti, president/CEO, Ryman Hospitality Properties Inc. “Given the limited availability of marquee group-focused assets that complement our existing portfolio and group strategy, we are thrilled to acquire this resort. Considering the strength of our forward bookings, the durable nature of our group business model and our early success with the 2023 acquisition of the JW Marriott Hill Country, we believe this is the right transaction for creating long-term customer and shareholder value.”
Located on approximately 402 acres of Arizona’s Sonoran Desert, the resort features 950 guestrooms, including 81 suites, and approximately 243,000 sq, ft. of versatile indoor and outdoor meeting and event space. Amenities include the 28,000-sq.-ft. Revive Spa; seven food and beverage outlets; the 140,000-sq.-ft. AquaRidge water amenity featuring water slides, a lazy river and an adult-only island; and two golf courses at Wildfire Golf Club—the Nick Faldo-designed Championship Course and the Arnold Palmer-designed Signature Course. T
The property has recently benefited from nearly $100 million in capital investments, including a complete renovation of rooms and suites; an enhanced lobby and arrival experience; upgraded water amenities; and reimagined food and beverage outlets.
Trinity acquired the asset in 2019 for $602 million, with financial backing from Elliott Investment Management.
“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/CEO, 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 is set to close in the second or third quarter of 2025. Terms of the transaction are not being disclosed.
