Grossman Acquires Pointe South
Plans $50 mil Renovation
PHOENIX, AZ, July 31, 2006. W. Matthew Crow, president and CEO of Grossman Company Properties (GCP), has announced that its affiliate, Pointe South Mountain Resort, LLC., has acquired the Pointe South Mountain Resort in Phoenix, Ariz. for an undisclosed purchase price from MONY Life Insurance Company. GCP will manage the Four Diamond resort through another affiliate, Classic Hotels and Resorts.
During the past four decades, GCP has developed, owned and managed more than 14 million square feet of high-quality commercial properties and resorts, including the historic Arizona Biltmore Resort. In 1992, after suffering years of disrepair, GCP acquired the famed Arizona Biltmore Resort out of foreclosure and undertook a multi-year, $60 million program to enhance, refurbish and expand the "Grande Dame" to its original splendor, creating one of the great resorts in the western United States.
"The same team who redeveloped the Arizona Biltmore has begun plans for the renovation of the 164-acre Pointe South Mountain Resort including the refurbishment of the guest suites, a new grand entry, an expanded Oasis water park, an additional restaurant, extensive landscaping and other amenities to bring the resort to a position equaling the new resorts built in the Valley in the last few years," said Crow. "Our renovation is budgeted at $50 million and we'll spend every penny of it."
In addition, Classic Hotels and Resorts will manage this AAA-rated Four Diamond resort and is pleased to announce that all the associates, including the entire Executive Committee, under the direction of Pointe South Mountain Resort's Managing Director Charles Naberhaus and General Manager Paul Gray, will remain with the resort. "We discovered a great team of people at the resort who have excelled during the transition and we look forward to their continued involvement in the renovation and repositioning of the resort," Crow stated.
"Over the past few months, our team has been working on the plans for the renovation which will start with a complete upgrade of the resort's 640 suites. All of the work will be strategically phased over a few years to avoid any disruption in the resort operations," said Crow.
"We are excited about the possibility of creating an even greater resort which features the Oasis water park, Phantom Horse Golf Club, Phantom Horse Athletic Club & Spa, Phantom Horse Grill, Aunt Chilada's and Latitude 30 restaurants, convention and meeting facilities and a family-friendly atmosphere which will be enhanced with even more amenities," Crow added.
"Our focus is on Phoenix and we can't wait to get started. We are proud to have played a part in the development and growth of this great city," stated Sam Grossman.
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