Company Properties Acquires the 640-suite Pointe South Mountain
Resort in Phoenix; Plans $50 million Renovation
|PHOENIX - July 31, 2006 -- W. Matthew Crow, president and CEO of Grossman
Company Properties (GCP), has announced that its affiliate, Pointe South
Mountain Resort, LLC., has acquired the Pointe South Mountain Resort in
Phoenix, Ariz. for an undisclosed purchase price from MONY Life Insurance
Company. GCP will manage the Four Diamond resort through another affiliate,
Classic Hotels and Resorts.
During the past four decades, GCP has developed, owned and managed more
than 14 million square feet of high-quality commercial properties and resorts,
including the historic Arizona Biltmore Resort. In 1992, after suffering
years of disrepair, GCP acquired the famed Arizona Biltmore Resort out
of foreclosure and undertook a multi-year, $60 million program to enhance,
refurbish and expand the "Grande Dame" to its original splendor, creating
one of the great resorts in the western United States.
"The same team who redeveloped the Arizona Biltmore has begun plans for the renovation of the 164-acre Pointe South Mountain Resort including the refurbishment of the guest suites, a new grand entry, an expanded Oasis water park, an additional restaurant, extensive landscaping and other amenities to bring the resort to a position equaling the new resorts built in the Valley in the last few years," said Crow. "Our renovation is budgeted at $50 million and we'll spend every penny of it."
In addition, Classic Hotels and Resorts will manage this AAA-rated Four Diamond resort and is pleased to announce that all the associates, including the entire Executive Committee, under the direction of Pointe South Mountain Resort's Managing Director Charles Naberhaus and General Manager Paul Gray, will remain with the resort. "We discovered a great team of people at the resort who have excelled during the transition and we look forward to their continued involvement in the renovation and repositioning of the resort," Crow stated.
"Over the past few months, our team has been working on the plans for
the renovation which will start with a complete upgrade of the resort's
640 suites. All of the work will be strategically phased over a few years
to avoid any disruption in the resort operations," said Crow.
"Our focus is on Phoenix and we can't wait to get started. We are proud to have played a part in the development and growth of this great city," stated Sam Grossman.
Grossman Company Properties, founded by Sam Grossman, is headquartered in Phoenix, Ariz. and is one of the premier commercial and residential developers in the western United States. During the past 43 years, GCP has built, developed and managed more than 14 million square feet of high-quality properties including Biltmore Fashion Park, the Arizona Biltmore Resort and Spa, Phoenix Spectrum Mall, Park Central in Dallas, the Inn at Laguna Beach in California, Eagle River (mixed-use development) in Eagle, Idaho, and the award-winning master planned community of Hidden Springs in Idaho.
Grossman Company Properties
|Also See:||MONY Life Insurance Company Appoints Destination Hotels & Resorts as Operator of the The Pointe Hilton South Mountain Resort; Will Be Renamed Pointe South Mountain Resort / June 2000|
|MONY and Destination Hotels & Resorts Enhancing The Pointe South Mountain; Appoints RonOlstad Managing Director / August 2000|
|Highland Hospitality Corporation Acquires the 585-suite Pointe Hilton Tapatio Cliffs Resort & Lookout Mountain Golf Club in Phoenix for $85 million / February 2006|