Trinity Investments , a U.S.-based hospitality-focused real estate investor, has sold the JW Marriott Phoenix Desert Ridge Resort & Spa, a 950-room hotel and the largest resort in Phoenix, for $865 million to Nashville-based REIT Ryman Hospitality Properties.
This marks one of the largest hotel transactions so far in 2025. The sale is set to close in the second or third quarter of 2025. Terms of the transaction are not being disclosed.
Ryman plans for the resort to continue to be operated by Marriott International under the JW Marriott flag. The purchase price represents a 12.7x adjusted EBITDAre multiple on JW Marriott Desert Ridge’s 2024 results. The property’s 2025 results are expected to be impacted by construction disruption related to the meeting space renovation currently underway and ongoing through the third quarter of 2025.
Trinity acquired the asset in 2019 for $602 million, with financial backing from Elliott Investment Management. In 2023, Trinity completed a nearly $100 million renovation project for the property, refreshing the lobby, completely redesigning guestrooms, adding a full water park complex, and opening two new dining establishments.
“The JW Marriott Desert Ridge has been one of our top acquisition targets for many years," Ryman President and CEO Mark Fioravanti said in a statement. "Given the limited availability of marquee group-focused assets that complement our existing portfolio and group strategy, we are thrilled to acquire this resort. Considering the strength of our forward bookings, the durable nature of our group business model and our early success with the 2023 acquisition of the JW Marriott Hill Country, we believe this is the right transaction for creating long-term customer and shareholder value."
Fioravanti said the company has no new competitive supply under development and the resort expands its distribution in the Western U.S. for both its Gaylord Hotels and JW Marriott rotational customers.
“This sale is a prime example of how Trinity’s proven value-add platform and successful repositionings continue to drive enhanced operational and financial performance through active asset management,” said Sean Hehir, managing partner, president and CEO of Trinity. “We have transformed the property into a landmark destination for both business and leisure travelers, and are proud to be able to deliver strong returns for our investors. We look forward to the JW Marriott Phoenix Desert Ridge Resort & Spa’s future success under new ownership.”