MIAMI—Driftwood Capital refinanced the Scottsdale McCormick Ranch, a resort property located in Scottsdale, Arizona. MetLife Investment Management, the institutional asset management business of MetLife, Inc., provided the refinancing loan totaling $115,000,000.
Carlos Rodriguez Sr., chairman and CEO of Driftwood Capital, said, “Driftwood Capital and its affiliates are excited to replace the in-place debt with favorable terms as we near completion of the $40 million transformational renovation and revitalization of the Scottsdale McCormick Ranch Resort. We are renewing the hotel’s beauty to position it as a leading property in the area. Historically, the resort has been a prominent choice for large conventions, and we expect it to capitalize on leisure demand in the Scottsdale market. At the same time, it continues to lead as a group and convention destination as well as a lifestyle resort. The resort has a strong foundation and exceptional location, yet it lacked certain components required to compete effectively in the luxury hospitality sector. With the value-add repositioning and renovation, the resort will be positioned to regain its title as one of the preeminent resorts in this market.”
Driftwood’s renovation of Scottsdale McCormick Ranch Resort includes a complete redesign of all guestrooms, expanded food and beverage offerings, the introduction of 12 five-bedroom villas, and the addition of a full-service spa. Upon completion, the resort will be part of the Curio soft brand within the Hilton portfolio.
Built in 1976, the property is adjacent to two 18-hole golf courses. It has 90,000 square feet of indoor-outdoor meeting and event space, two outdoor swimming pools, a spa and fitness center, and several food and beverage outlets, including a new speakeasy and interactive venue space, which will have a golf simulator and pool table. It’s located within the planned community of McCormick Ranch.
Glenn Wasserman, chief financial officer of Driftwood Capital, said, “The Scottsdale market has seen significant growth with upper-priced hotel RevPAR increasing 25 percent over 2019 levels. With our extensive multimillion-dollar renovation, we expect the Scottsdale McCormick Ranch Resort to be one of the top competing resorts in the area.”
The Scottsdale Resort at McCormick Ranch is located in the heart of Scottsdale’s Greenbelt, a submarket in the Phoenix metro area. The resort is located near Scottsdale’s attractions, including championship golf courses, sporting venues, Cactus League Spring Training facilities (for the Arizona Diamondbacks and Colorado Rockies Major League Baseball franchises), WestWorld, Old Town, and shopping and dining at Scottsdale Fashion Square. The property is a 15-minute drive from Phoenix Sky Harbor International Airport.
Driftwood Hospitality Management (DHM), an affiliate of Driftwood Capital, will assume management responsibilities.