Hyatt Hotels Corp. announced on Monday that a wholly owned subsidiary has entered into an agreement to purchase the 119-room Royal Palms Resort and Spa in Phoenix, Arizona, for an undisclosed price and is expected to close in July 2016.
The hotel will continue to be operated as the Royal Palms Resort and Spa and will become affiliated with The Unbound Collection by Hyatt, the company’s soft brand.
“The acquisition of the Royal Palms Resort and Spa shows our commitment to growing this brand, as well as our commitment to guests as we aim to create an increased presence in markets where we know they are traveling,” said Steve Haggerty, global head, real estate and capital strategy for Hyatt.
The Royal Palms Resort and Spa opened in 1929 as the home of wealthy New York financier Delos Willard Cooke. Known as “El Vernadero” or the family’s winter haven, the property drew immediate attention and became a beloved local landmark known for its Mediterranean, Spanish colonial architecture and luxurious landscaped grounds.