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Latest News in Biltmore, AZ

Blackstone sells Arizona Biltmore hotel to Henderson Park for $705M

Henderson Park has cut a deal to buy the historic Arizona Biltmore hotel in Phoenix from Blackstone for $705 million.The London-based private equity real estate manager will take ownership of the 705-room landmark at 2400 East Missouri Avenue, Bloomberg reported, citing unidentified sources. The deal works out to $1 million per room.The New York-based invest...

Henderson Park has cut a deal to buy the historic Arizona Biltmore hotel in Phoenix from Blackstone for $705 million.

The London-based private equity real estate manager will take ownership of the 705-room landmark at 2400 East Missouri Avenue, Bloomberg reported, citing unidentified sources. The deal works out to $1 million per room.

The New York-based investor bought the “Jewel of the Desert” from Singaporean sovereign wealth fund GIC in 2018 for $403 million, or $571,600 per room.

Blackstone then poured more than $150 million into renovating the birthplace of the tequila sunrise, which opened on Feb. 23, 1929.

The hotel just south of the Phoenix Mountains Preserve is now part of the Waldorf Astoria Hotels and Resorts collection.

The “textile block” hotel, designed by Albert Chase McArthur with influences from Frank Lloyd Wright, has hosted Hollywood stars from Clark Gable and Carole Lombard to Marilyn Monroe. Irving Berlin wrote “White Christmas” under sunny skies at its Catalina pool.

The hotel hosted future President and First Lady Ronald and Nancy Reagan on their honeymoon in 1952. More than a half century later, it put up President George W. Bush.

The 39-acre hotel was bought by William Wrigley Jr., of chewing gum fame, and stayed in the family for decades.

Over the past year, the Arizona Biltmore and other hotels have fared better than other commercial property investments such as offices, according to Bloomberg. While domestic leisure travel has cooled slightly from the post-pandemic boom, resort owners are benefiting from international demand.

That buttressed the stocks of U.S. lodging companies, which have outperformed the S&P 500 Index since the end of 2022.

Other investors have sought to cash in on luxury hotels.

This month, Toronto-based Brookfield Asset Management sold a majority stake in the Ritz-Carlton Key Biscayne to Miami-based Gencom, which already owned a minority interest, for an undisclosed price.

Hyatt Hotels is negotiating a deal to sell the Park Hyatt Zurich to Trinity Investments, Bloomberg reported last month.

A year ago, Blackstone sold its 45-acre, century-old La Quinta Resort & Club near Palm Springs to Henderson Park for $255 million. It was Henderson’s first U.S. investment.

Read more

Henderson Park was launched in 2016 by Mount Kellett executive Nick Weber, who managed to whip up $500 million in equity while working out of his local Starbucks.

Since then, the firm has been a significant investor in European hotels. It bought the Westin Paris-Vendôme in 2018 for $628 million, and sold it in February 2023 to Dubai Holding for $650 million Euros, or $704 million. In 2022, it bought a portfolio of 12 Hilton hotels in the United Kingdom and set up a new platform to manage the business.

Blackstone sells Arizona Biltmore hotel to Henderson Park for $705M

Henderson Park has cut a deal to buy the historic Arizona Biltmore hotel in Phoenix from Blackstone for $705 million.The London-based private equity real estate manager will take ownership of the 705-room landmark at 2400 East Missouri Avenue, Bloomberg reported, citing unidentified sources. The deal works out to $1 million per room.The New York-based invest...

Henderson Park has cut a deal to buy the historic Arizona Biltmore hotel in Phoenix from Blackstone for $705 million.

The London-based private equity real estate manager will take ownership of the 705-room landmark at 2400 East Missouri Avenue, Bloomberg reported, citing unidentified sources. The deal works out to $1 million per room.

The New York-based investor bought the “Jewel of the Desert” from Singaporean sovereign wealth fund GIC in 2018 for $403 million, or $571,600 per room.

Blackstone then poured more than $150 million into renovating the birthplace of the tequila sunrise, which opened on Feb. 23, 1929.

The hotel just south of the Phoenix Mountains Preserve is now part of the Waldorf Astoria Hotels and Resorts collection.

The “textile block” hotel, designed by Albert Chase McArthur with influences from Frank Lloyd Wright, has hosted Hollywood stars from Clark Gable and Carole Lombard to Marilyn Monroe. Irving Berlin wrote “White Christmas” under sunny skies at its Catalina pool.

The hotel hosted future President and First Lady Ronald and Nancy Reagan on their honeymoon in 1952. More than a half century later, it put up President George W. Bush.

The 39-acre hotel was bought by William Wrigley Jr., of chewing gum fame, and stayed in the family for decades.

Over the past year, the Arizona Biltmore and other hotels have fared better than other commercial property investments such as offices, according to Bloomberg. While domestic leisure travel has cooled slightly from the post-pandemic boom, resort owners are benefiting from international demand.

That buttressed the stocks of U.S. lodging companies, which have outperformed the S&P 500 Index since the end of 2022.

Other investors have sought to cash in on luxury hotels.

This month, Toronto-based Brookfield Asset Management sold a majority stake in the Ritz-Carlton Key Biscayne to Miami-based Gencom, which already owned a minority interest, for an undisclosed price.

Hyatt Hotels is negotiating a deal to sell the Park Hyatt Zurich to Trinity Investments, Bloomberg reported last month.

A year ago, Blackstone sold its 45-acre, century-old La Quinta Resort & Club near Palm Springs to Henderson Park for $255 million. It was Henderson’s first U.S. investment.

Read more

Henderson Park was launched in 2016 by Mount Kellett executive Nick Weber, who managed to whip up $500 million in equity while working out of his local Starbucks.

Since then, the firm has been a significant investor in European hotels. It bought the Westin Paris-Vendôme in 2018 for $628 million, and sold it in February 2023 to Dubai Holding for $650 million Euros, or $704 million. In 2022, it bought a portfolio of 12 Hilton hotels in the United Kingdom and set up a new platform to manage the business.

Biltmore luxury apartments move ahead after city scrutiny

A proposed luxury apartment community just east of Biltmore Fashion Park that has met steep opposition is a step closer to being built after some design changes.The Camelback East Village Planning Committee unanimously approved a 60-unit apartment community — taking up a smaller footprint than the original proposal — to be built at the Camelback Lakes office complex on the north side of Camelback Road.A proposal to replace an underutilized parking garage is expected to be heard by Phoenix City Council in June, said ...

A proposed luxury apartment community just east of Biltmore Fashion Park that has met steep opposition is a step closer to being built after some design changes.

The Camelback East Village Planning Committee unanimously approved a 60-unit apartment community — taking up a smaller footprint than the original proposal — to be built at the Camelback Lakes office complex on the north side of Camelback Road.

A proposal to replace an underutilized parking garage is expected to be heard by Phoenix City Council in June, said Jason Barclay Morris, zoning attorney for Withey Morris Baugh PLC.

"It's an acre of unused space in one of the most interesting, vibrant corridors we have in the Valley," Morris said. "Turning it into something really beneficial from something not being utilized at all — that's a huge win."

All three neighboring properties had hired their own zoning attorneys to oppose the project, he said.

"We sent notices to all the surrounding property owners," said Morris, who represents the developer, Florida-based Mainstreet Capital Partners. "Everyone lawyered up."

The nearby Arizona Biltmore Golf Club hired an attorney to ensure that one of its golf holes wouldn't be impacted by the development. One homeowner within Biltmore Estates behind the property also hired a lawyer because he didn't want apartment residents looking over into his property, Morris said.

"We were able to devise a series of stipulations that addressed his concerns," Morris said. "We hired a drone pilot to fly at a height that would be equivalent to a 6'2" person standing on the tallest portion of the building facing his property. Then we shared those images. All you see are trees."

Construction activities restricted on site

Once he resolved those issues, Morris said that Hillstone Restaurant, which shares a property line with the apartment project, was concerned customers wouldn't be impacted by restricted parking.

"Then they were concerned with the aesthetics of the building," Morris said. "Their restaurant is a really beautifully designed architectural structure."

Mainstreet Capital Partners had originally planned to build 75 units on the property, which sits north of the 200,000-square-foot Camelback Lakes office complex.

The developer, who could not be reached for comment, agreed to limit the height of the project to no more than 56 feet with a maximum of 60 units, Morris said.

If approved by the city, construction likely wouldn't begin before June 2025. Outdoor construction activity or exterior construction will not be allowed on weekends and interior construction would be allowed only between 8 a.m. and 5 p.m.on weekdays.

"At the end of the day, the greatest feeling is when you can bring together so many disparate parties and have them all on the same page," Morris said. "But it took a tremendous amount of work to get there. I'm just glad that it worked out."

Biltmore luxury apartments move ahead after city scrutiny

A proposed luxury apartment community just east of Biltmore Fashion Park that has met steep opposition is a step closer to being built after some design changes.The Camelback East Village Planning Committee unanimously approved a 60-unit apartment community — taking up a smaller footprint than the original proposal — to be built at the Camelback Lakes office complex on the north side of Camelback Road.A proposal to replace an underutilized parking garage is expected to be heard by Phoenix City Council in June, said ...

A proposed luxury apartment community just east of Biltmore Fashion Park that has met steep opposition is a step closer to being built after some design changes.

The Camelback East Village Planning Committee unanimously approved a 60-unit apartment community — taking up a smaller footprint than the original proposal — to be built at the Camelback Lakes office complex on the north side of Camelback Road.

A proposal to replace an underutilized parking garage is expected to be heard by Phoenix City Council in June, said Jason Barclay Morris, zoning attorney for Withey Morris Baugh PLC.

"It's an acre of unused space in one of the most interesting, vibrant corridors we have in the Valley," Morris said. "Turning it into something really beneficial from something not being utilized at all — that's a huge win."

All three neighboring properties had hired their own zoning attorneys to oppose the project, he said.

"We sent notices to all the surrounding property owners," said Morris, who represents the developer, Florida-based Mainstreet Capital Partners. "Everyone lawyered up."

The nearby Arizona Biltmore Golf Club hired an attorney to ensure that one of its golf holes wouldn't be impacted by the development. One homeowner within Biltmore Estates behind the property also hired a lawyer because he didn't want apartment residents looking over into his property, Morris said.

"We were able to devise a series of stipulations that addressed his concerns," Morris said. "We hired a drone pilot to fly at a height that would be equivalent to a 6'2" person standing on the tallest portion of the building facing his property. Then we shared those images. All you see are trees."

Construction activities restricted on site

Once he resolved those issues, Morris said that Hillstone Restaurant, which shares a property line with the apartment project, was concerned customers wouldn't be impacted by restricted parking.

"Then they were concerned with the aesthetics of the building," Morris said. "Their restaurant is a really beautifully designed architectural structure."

Mainstreet Capital Partners had originally planned to build 75 units on the property, which sits north of the 200,000-square-foot Camelback Lakes office complex.

The developer, who could not be reached for comment, agreed to limit the height of the project to no more than 56 feet with a maximum of 60 units, Morris said.

If approved by the city, construction likely wouldn't begin before June 2025. Outdoor construction activity or exterior construction will not be allowed on weekends and interior construction would be allowed only between 8 a.m. and 5 p.m.on weekdays.

"At the end of the day, the greatest feeling is when you can bring together so many disparate parties and have them all on the same page," Morris said. "But it took a tremendous amount of work to get there. I'm just glad that it worked out."

THE COFFEE BEAN & TEA LEAF® BRAND OPENS DRIVE-THRU ONLY LOCATION IN RIALTO, CALIFORNIA

Global Coffee and Tea Leader Continues to Grow its Footprint in Arizona LOS ANGELES, Nov. 6, 2023 /PRNewswire/ -- Just in time for the festive holiday season, The Coffee Bean & Tea Leaf® brand, the iconic Southern California favorite serving premium coffee and tea for the past 60 years has opened its newest lo...

Global Coffee and Tea Leader Continues to Grow its Footprint in Arizona

LOS ANGELES, Nov. 6, 2023 /PRNewswire/ -- Just in time for the festive holiday season, The Coffee Bean & Tea Leaf® brand, the iconic Southern California favorite serving premium coffee and tea for the past 60 years has opened its newest location in Phoenix, Arizona. The new café is located in the Shops at Town & Country Shopping Center in the Biltmore area at 2131 E. Camelback Rd, Phoenix, AZ 85016.

"This is the seventh The Coffee Bean & Tea Leaf location that we've opened in Phoenix, which underscores our commitment to future growth in the area," said Sanjiv Razdan, President of Americas and India, The Coffee Bean & Tea Leaf® brand. "We are excited to share our iconic high-quality coffee and teas from around the world to more people in the Phoenix community."

To celebrate the opening, Arizona residents who download the Coffee Bean® Rewards app or already have the app can enter promo code BILTMORE to enjoy a free regular size drink of choice. opening and ribbon-cutting ceremony to follow in id-November with a full week of offers for all loyalty members.

The new location features the company's vibrant new design and layout, which includes ample indoor and open-air café seating. The café also offers its guests several convenient ways to get their beverage and food of choice: order ahead through The Coffee Bean® Rewards app, delivery through third-party vendors, including Grubhub®, DoorDash®, Uber Eats® and Postmates®, in-store or drive-thru.

The Coffee Bean & Tea Leaf also recently launched its seasonal holiday menu full of festive flavors, as well as its World of Tea program that includes a range of new refreshing specialty tea beverages across the matcha, boba and herbal tea categories.

As in all its locations, The Coffee Bean & Tea Leaf offers a variety of the finest grades of Arabica coffee from specially selected estates around the world that are custom roasted, in small batches, at its roasting facility in Camarillo, California. The store also offers a wide variety of The Coffee Bean & Tea Leaf whole leaf teas as well as fresh baked goods that include an array of muffins, cakes, specialty croissants, and oven-toasted breakfast items such as the Beyond Breakfast Sausage® Sandwich, Bacon & Egg Burrito, and the Chorizo Breakfast Burrito.

The Coffee Bean & Tea Leaf is widely credited for driving innovation to the coffee and tea industry with the invention of the iconic The Original Ice Blended® drink. They are also the first global coffee and tea retailer to offer cold brew tea. From its hero Brewed Coffee to its Lattes and Ice Blended® drinks, The Coffee Bean & Tea Leaf offers the craveable light and sweet taste profiles that loyal guests around the world love and demand.

New store openings represent a key growth initiative for The Coffee Bean & Tea Leaf® brand's parent company Jollibee Foods Corporation (JFC), who aim to be one of the top five restaurant brands in the world.

The Coffee Bean and Tea Leaf's new store in Phoenix is open seven days a week from 5am to 7pm Monday - Thursday, Friday from 5am – 8pm, Saturday from 6am -8pm and from 6am – 7pm on Sundays.

For more information, please visit www.coffeebean.com.

About The Coffee Bean & Tea Leaf® Brand

International Coffee & Tea Leaf, LLC, doing business as The Coffee Bean & Tea Leaf® brand is a leading global roaster and retailer of specialty coffees and teas. It is widely credited for driving high quality and innovation to the coffee and tea industry. The company sources the finest ingredients and flavors from around the world, and hand blends coffee and tea for the freshest flavors. The Coffee Bean & Tea Leaf® brand started the frozen coffee drink craze with the invention of The Original Ice Blended® drink and is also the first global coffee and tea retailer to offer cold brew tea. The company currently has 1,130 retail locations across the globe and can also be found in grocery aisles as well as specialty locations, including airports and hotels. For more information, visit www.coffeebean.com.

SOURCE The Coffee Bean & Tea Leaf

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