{"id":1004077349,"date":"2013-06-18T06:30:43","date_gmt":"2013-06-18T14:30:43","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004077349"},"modified":"2022-12-07T20:57:45","modified_gmt":"2022-12-08T04:57:45","slug":"grossman-co-receives-88m-financing-for-arizona-grand-resort","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/grossman-co-receives-88m-financing-for-arizona-grand-resort\/","title":{"rendered":"Grossman Co. Receives $88M Financing for Arizona Grand Resort"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/span><\/em>\u00a0<\/span><\/p>\n

Grossman Company Properties has secured $88 million in financing for its 740-key, all-suite Arizona Grand Resort located in Phoenix, Ariz.<\/p>\n

CBRE Hotels\/Finance acted as the exclusive financial advisor on the deal, arranging the non-recourse $88 million six-year floating rate loan through a domestic debt fund.<\/p>\n

\u201cThis financing allowed the ownership group to achieve a number of key financial and strategic objectives,\u201d Gavin Davis, CBRE Hotels\/Finance\u2019s senior vice president, said in a company release. \u201cGroup pace is picking up and resorts have gained considerable exposure in 2013 in transaction and financing activity relative to the last few years.\u201d<\/p>\n

Classic Hotels & Resorts, the hospitality division of GCP, operates affiliate-owned full-service resorts and boutique hotels in Arizona, California and Idaho and currently has 2,881 rooms.<\/p>\n

Purchased by a GCP affiliate in 2006 and managed by Classic Hotels & Resorts, the Arizona Grand Resort was originally constructed in 1987 and underwent a $66 million renovation and expansion in 2009. At 164 acres, it is the largest AAA four-diamond-rated all-suite resort in the Southwest, it sits on the base of the spectacular South Mountain Preserve and boasts the largest resort water park in Arizona.<\/p>\n

Enhancements throughout the resort\u2014including refurbishment of all 646 guest suites, the development of 50 two-bedroom luxury villa suites and construction of a new resort lobby including the Lobby Grill, the Lobby Bar, the Marketplace Caf\u00e9 and Golf Pro Shop\u2014brought the property to a position equaling new resorts built in the Valley over the last few years.\u00a0\u00a0<\/span><\/p>\n

Resort amenities include an award-winning 18-hole golf course, six unique dining venues, one of the few award-winning Arizona spas and fitness facilities in Phoenix, business center and gift shop. It also features 117,000 square feet of meeting and function space and a 20,000 square-foot ballroom.<\/p>\n

The property sits just six miles from Phoenix\u2019s Sky Harbor International Airport.<\/p>\n

Like us on facebook:<\/strong>\u00a0https:\/\/www.facebook.com\/CPExecutive?fref=ts<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Grossman Company Properties has secured $88 million in financing for its 740-key, all-suite Arizona Grand Resort located in Phoenix. <\/p>\n","protected":false},"author":451,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21751,21783,21742,1601],"tags":[],"class_list":["post-1004077349","post","type-post","status-publish","format-standard","hentry","category-hotel","category-investment","category-latest","category-phoenix"],"acf":[],"yoast_head":"\nGrossman Co. 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