Trinity strikes again – this time in Arizona

PARADISE VALLEY, Arizona – A joint venture between global private markets firm Partners Group and funds managed by Trinity Investments have acquired from PE firm Rockpoint and hotel owner-operator Highgate the 404-room Scottsdale Plaza Resort & Villas in Paradise Valley, Arizona. Terms of the deal were not disclosed.

The new owners have plans for a significant capital investment in the property and the transaction also includes the potential for expansion with entitlements secured by the seller.

As part of its acquisition strategy, Trinity will execute a targeted capital plan intended to create a cohesive resort experience, specifically catering to large groups, friends and family, and premium leisure travelers. The resort, located on nearly 40 acres of land and is directly adjacent to The Ritz-Carlton Hotel & Residences, Paradise Valley, will remain unencumbered of brand and will continue to be managed by Highgate.

“The Scottsdale Plaza Resort & Villas is a prime example of an excellent property coming to market in need of a significant capital investment from a partnership like Trinity and Partners Group that can deliver a development plan for future growth,” said Sean Hehir, managing partner, president and CEO of Trinity. “We are pleased to work with Partners Group again as we execute on our repositioning and enhancement plan for this already well-performing asset.”

This acquisition extends the partnership between the two firms, which began with their first joint venture in 2022 with The Las Colinas Resort in Dallas, which recently converted to The Ritz-Carlton Dallas, Las Colinas.

“Rockpoint and Highgate executed on a shared vision for the resort, and we are pleased to have added significant value through several property enhancements, expense saving initiatives, and strategic revenue optimization,” said Aric Shalev, a managing member and co-president at Rockpoint. “This investment underscores Rockpoint's ability to collaborate with best-in-class operating partners and identify and add value to high-quality assets in high-growth markets. We believe the resort is well positioned to build on its rich heritage under new ownership.”

As of April 2024, Trinity has invested more than US $9.8 billion in the U.S., Mexico, Europe, and Japan. The group is 28 years old and based in Honolulu, Hawaii, with offices in Los Angeles and London.

Since 1996, Partners Group, with regional headquarters in Baar-Zug, Switzerland, Denver, and Singapore, has invested $210 billion in private equity, private real estate, private debt and private infrastructure on behalf of its clients globally. It had $147 billion in assets under management as of December 31, 2023.