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Case Studies

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Arizona Biltmore

Phoenix, Arizona

The Opportunity

Classic Hotels & Resorts purchases 70 year old Frank Lloyd Wright-inspired
730-room resort in 1992 and undertakes a $60 million renovation,
including the addition of 122 units and 80 Villas

Classic Hotels & Resorts re-launches Arizona Biltmore in 1994

Improvements garner national media attention:

  • New York Times, Architectural Digest and Travel & Leisure Magazine
  • Urban Land Institute Heritage Award for Excellence

Classic Hotels & Resorts sells Arizona Biltmore for $350 million in 2000

During the period in which Classic Hotels & Resorts owned and operated the hotel, revenue increased 77% and EBITDA improved from a negative $4 million annually to $28 million annually

The Investment

Acquisition Closed: June 1992
Acquisition Price: $62 million ($85,000/key)
Re-development Cost: $60 million ($82,000/key)
Sale Closed: March 2000
Sale Price: $350 million

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La Playa Carmel

Carmel by the Sea, California

The Opportunity

Classic Hotels & Resorts purchases the 106 year old 75-room La Playa Hotel in late 2011 and undertakes a $3.5 million restoration project to refurbish all guest rooms, suites and public space.

Closed during the extensive renovation, the hotel re-opens as La Playa Carmel in July of 2012.

The restoration garners national media attention:

  • “The new owners took a straightforward approach that puts tradition ahead of bling; they didn’t try to fix what wasn’t broken.” – San Francisco Chronicle
  • “Do stay at the 75-room La Playa Carmel to see how a 2012 renovation has changed a century-old community favorite.” – The Los Angeles Times
  • Within the first 12 months of operation the hotel achieves a $3 million turnaround in profitability, and garners the highest room revenues in the property’s history.

The Investment

Acquisition Closed: November 2011
Acquisition Price: $18 million ($240,000/key)
Restoration Cost: $3.5 million ($47,000/key)

Development Standards

Development Standards

Classic Hotels & Resorts is a privately held real estate investment firm focused on hospitality property investment and management.

Case Studies

Case Studies

The purchase and $60 million renovation of the 70 year old, Frank Lloyd Wright-inspired, 730-room Arizona Biltmore.

The Inn at Laguna Beach

Premier Properties

From historical landmarks to seaside retreats, view our collection of properties, past and present.

Request information

Request Information

Thank you for your interest in Classic Hotels & Resorts. Your request may be submitted to: info@classichotels.com.

WHAT OUR PARTNERS SAY

…quality, flexibility, customer-centric solutions and independent thinking…

Dave Gabri, President, Associated Luxury Hotels International

I admire Classic’s exceptional ability to anticipate and capitalize on shifting market conditions.

Tom Littleton, President, LMG Data Mining

Write a book for other hotels to follow!!

Maria Webster, Meeting Planner, InterDent, Inc