Classic Hotels & Resorts Announces Completion of Refinancing for Arizona Grand Resort & Spa

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Luxury Resort in Phoenix Completes $100 Million Refinancing

Arizona Grand Resort & Spa

It is also very gratifying as another ratification of Classic Hotels & Resort’s strategy for increasing the performance and value of our portfolio of hotels.

Classic Hotels & Resorts, the hospitality division of Grossman Company Properties, has completed the $100 million refinancing for the expansive Arizona Grand Resort & Spa in Phoenix. The loan was arranged by CBRE for the 142 acre, 750-room complex. The property includes a 10-acre water park, an 18-hole golf course, a 32,000 square foot spa and an additional 150 luxury apartments, which will open October 1.

“Refinancing the Arizona Grand is an indication of the resurgence of the resort market in Arizona.” Said Matt Crow, CEO of Grossman Company Properties “It is also very gratifying as another ratification of Classic Hotels & Resort’s strategy for increasing the performance and value of our portfolio of hotels.”

Classic Hotels & Resorts was the owner, redeveloper and manager of the Arizona Biltmore Hotel, which they sold to Boca Resorts in 2000 for the then record price of $362 million or approximately $660,000 per room.

About Arizona Grand Resort & Spa:
Arizona Grand Resort & Spa is located on 164-beautifully landscaped acres at the base of the spectacular South Mountain Preserve and boasts 640 residential-style suites and 100 luxury Villa accommodations. The AAA Four Diamond rated resort completed a $52 million redesign to enhance the property including all guest suites, main lobby, spa, golf course and restaurants.

Arizona Grand Resort & Spa offers the 7-acre Oasis Water Park, a challenging 18-hole golf course, six unique dining venues, the full service Arizona Grand Athletic Club & Spa and 117,000 square feet of meeting and function space, including a 20,000-square-foot exhibit pavilion.

Arizona Grand Resort & Spa is managed by Classic Hotels & Resorts (CHR), an affiliate of Grossman Company Properties (GCP). GCP is one of the premier commercial and residential developers in the western United States. During the past 50 years, GCP has built, developed and managed more than 14 million square feet of high-quality properties, including Arizona Biltmore Resort & Spa, Biltmore Fashion Park, Inn at Laguna Beach and the Phoenix Spectrum Mall. Additional information is available at http://www.ArizonaGrandResort.com, http://www.ClassicHotels.com and http://www.GrossmanCompany.com.

About Classic Hotels:
The Arizona Grand Resort & Spa is managed by Classic Hotels & Resorts (CHR), an affiliate of Grossman Company Properties (GCP). GCP is one of the premier commercial and residential developers in the Western United States. During the past 50 years, GCP has built, developed and managed more than 14 million square feet of high-quality properties, including Arizona Biltmore Resort & Spa, Biltmore Fashion Park, Inn at Laguna Beach and the Phoenix Spectrum Mall. Additional information is available at http://www.classichotels.com.

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Emilie Korenberg