The Scottsdale-based Phoenician resort has been sold in an agreement worth hundreds of millions of dollars.
In a $400 million deal, Maryland-based Host Hotels and Resorts has acquired the Phoenician, which was built in 1988.
The 643-room resort is set on 300 acres at the base of Camelback Mountain in Scottsdale.
The Phoenix Business Journal reported Host will begin renovations at the Phoenician during the summer. Those updates are scheduled to proceed into 2017.
It will continue to be managed by Starwood under its Luxury Collection brand, as the company moves to run properties rather than own them.
Host already owns other high-profile Valley hotels, including the Westin Kierland and the Ritz-Carlton at 24th Street and Camelback Road.
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