Trinity Investments has sold the JW Marriott Phoenix Desert Ridge Resort & Spa to Ryman Hospitality Properties for $865 million. The 950-room property is the largest resort in Phoenix.
Six years on from when Trinity acquired the resort, in 2019, it’s walking away with a nice profit: It acquired the hotel for $602 million, backed by Elliott Investment Management. In 2023, the firm completed a renovation project costing nearly $100 million. The work included a redesigned lobby and guest rooms, a new water park complex, and two dining venues. Among them is Tía Carmen, led by executive chef Angelo Sosa.
“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.”
Trinity said the sale reflects its expertise in asset management and development. The firm recently launched Trinity Asset Management Services and Trinity Development Services, which offer operational and development support to third-party hotel owners and lenders.
The sale is expected to close in the second or third quarter of 2025.
Led by Hehir, Trinity is one of the leading value-add investors operating in the U.S. today. HOTELS Magazine profiled Hehir and Trinity earlier this year. Trinity does not put money into new development; it exclusively buys and sells assets. In that way, it’s not only interested in the purchase, but the disposal. All the work that Trinity puts into an asset it expects to recoup at exit. “Who is this going to appeal to down the line?” Hehir said. In the case of JW Marriott Phoenix Desert Ridge, the answer is Ryman, a real estate investment trust with a large portfolio of full-service hotels, including six hotels under the Gaylord brand, which is owned by Marriott International. (In 2012, Marriott acquired the Gaylord brand and hotel management company from Gaylord Entertainment Company, which subsequently changed its name to Ryman Hospitality Properties.) Ryman also owns the JW Marriott San Antonio Hill Country Resort & Spa. It also owns The Grand Ole Opry.
Not many real estate companies have the fortitude and constitution to do large repositioning projects like Trinity, but when completed, and the time to sell comes, the payoff can be enormous. “There’s a plethora of buyers out there that want well-located, stabilized assets that are irreplaceable and in high-barrier markets,” Hehir said.
