Scottsdale Resort Secures $115M Refinancing for $40M Renovation, Emerges as Premier Destination
Scottsdale McCormick Ranch Resort has successfully secured $115 million in refinancing, marking a significant milestone as it wraps up its ambitious $40 million renovation project. The renowned resort, situated in Scottsdale, Arizona, has attracted attention from the commercial real estate industry since it was acquired by Driftwood Capital in February 2022 for a staggering $113 million.
Driftwood Capital, a prominent commercial real estate firm, spearheaded the refinancing efforts. The company announced on October 18, 2023, that it had entered into a refinancing agreement with MetLife Investment Management, the institutional asset management arm of MetLife Inc. This new loan will replace the resort’s existing debt, offering more favorable terms that will undoubtedly support the ongoing transformation and revitalization of the property. Carlos Rodriguez Sr., Chairman and CEO of Driftwood Capital, expressed his enthusiasm for the project, stating that the renovation seeks to position the Scottsdale McCormick Ranch Resort as a leading destination in the area.
With its 47-year history, the Scottsdale McCormick Ranch Resort has long been recognized as a preferred choice for large conventions, and the completion of its $40 million renovation is expected to further enhance its allure for leisure travelers. The resort’s location in the vibrant Scottsdale market presents ample opportunities for growth and profitability. Additionally, the property remains a desirable destination for group and convention events, solidifying its status as a multifaceted lifestyle resort.
Driftwood Capital’s successful refinancing initiative and commitment to elevating the hotel’s aesthetics and facilities showcase their dedication to delivering an exceptional guest experience. Through this strategic move, they aim to capture the growing demand for leisure travel within Scottsdale and cement the Scottsdale McCormick Ranch Resort’s reputation as a premier destination.
This refinancing news is a testament to the Scottsdale McCormick Ranch Resort’s enduring appeal and potential for long-term success. With the completion of the extensive renovation project on the horizon, the resort is poised to continue attracting visitors seeking a luxurious and memorable stay in Scottsdale. As the hospitality industry evolves, this iconic resort is set to thrive and maintain its position at the forefront of the market.
In conclusion, the $115 million refinancing secured by the Scottsdale McCormick Ranch Resort signifies a significant milestone for the property and its owners, Driftwood Capital. With a $40 million renovation nearing completion, the resort is expected to emerge as a premier destination in the Scottsdale market, catering to both leisure and business travelers. The refinancing will provide the necessary resources to transform and revitalize the resort, ensuring that it remains a coveted choice for discerning guests seeking unparalleled experiences in the heart of Scottsdale.
