Sixth Street Buys Four Seasons Resort Scottsdale at Troon North From Braemar Hotels & Resorts for $372 Million

SAN FRANCISCO — Sixth Street announced Oct. 29, 2026, that it has acquired the Four Seasons Resort Scottsdale at Troon North, a 210-room luxury resort in Scottsdale, Arizona, for $372 million from Braemar Hotels & Resorts (NYSE: BHR). Sixth Street completed the transaction in partnership with Riller Capital. Eastdil Secured arranged the financing for Sixth Street, which was provided by Ares Management Corporation.

Four Seasons Resort Scottsdale Deal Terms

The $372 million purchase price equates to approximately $1.77 million per room, based on 210 rooms. The resort is located at 10600 East Crescent Moon Drive in North Scottsdale.

Braemar acquired the resort in 2022 for $267.8 million, or approximately $1.28 million per key. The latest sale represents a gain of $104.2 million, or about 38.9%, before transaction costs and capital spending. The earlier sale process identified the Scottsdale resort as a $372 million disposition, with closing expected in October 2026.

Sixth Street was advised by Latham & Watkins and Fennemore Craig, P.C.

Property Profile: A 38-Acre Resort at Pinnacle Peak

The resort spans approximately 38 acres at the base of Pinnacle Peak in North Scottsdale. It opened in December 1999 and includes 25 one- and two-story casita buildings. The property also includes approximately 13 acres of developable land beyond the resort's existing footprint, in a market with limited land availability.

The resort has 188 casitas and 22 suites. Standard rooms measure approximately 480 square feet, while the suites average approximately 1,214 square feet. Amenities include:

• Five food and beverage venues
• A 9,000-square-foot spa and a fitness center
• A multilevel pool complex
• Tennis and pickleball courts
• Approximately 36,000 square feet of indoor and outdoor meeting and event space, including three ballrooms and two boardrooms
• Direct hiking access through a private on-site trailhead and preferred access at the adjacent Troon North Golf Club

Braemar reported $20.7 million of capital improvements at the property since 2016, covering guest rooms, indoor meeting space, the lobby and food-and-beverage outlets.

Sixth Street's Investment Rationale

"The Four Seasons Scottsdale is an iconic, irreplaceable luxury resort in one of the country's fastest-growing and most attractive destinations," said Aman Gupta, Principal at Sixth Street. "With its dramatic desert setting at the base of Pinnacle Peak, distinctive casita-style accommodations, strong amenity base and best-in-class service and operations, the property offers a differentiated experience for high-end-leisure and group customers alike. We look forward to working with Four Seasons to further enhance the resort's offerings to cement its position as one of the top resorts in the Southwest. This investment reflects Sixth Street's continued conviction in the long-term fundamentals of luxury travel, particularly for distinctive properties."

Sixth Street Real Estate invests directly in properties, provides solutions across the capital structure, including equity, preferred equity and debt, and partners with sector-related operating businesses. Its real estate investments span residential, office, hospitality, industrial, data centers, retail and other specialized sectors. Sixth Street is a global, multi-strategy private capital investment firm with more than $140 billion in assets under management and committed capital as of June 30, 2026. Founded in 2009, it has more than 750 team members across 14 offices worldwide.

Braemar's Portfolio Strategy

Braemar Hotels & Resorts is a real estate investment trust focused on the luxury hotel and resort sector. The company targets luxury urban and resort properties that generate revenue per available room (RevPAR) at least twice the U.S. national average. Its portfolio includes luxury properties across the United States and the U.S. territories in the Caribbean. Braemar is externally advised by Ashford Hospitality Advisors LLC.

The REIT has been selling assets as it separates from Ashford Inc. For Braemar, the sale of an appreciated resort provides liquidity and simplifies its portfolio.

Market Context for Luxury Resort Transactions

The resort's mix of leisure and group demand is supported by its meeting and event space, multiple dining venues and resort amenities, which serve weddings, corporate meetings and incentive travel alongside luxury vacation demand. Financing from Ares Management comes in a hotel market where higher debt costs and required returns have made acquisitions more selective.

The acquisition adds to Sixth Street's recent hospitality activity, which its newsroom lists as including the Pier House Resort & Spa, the Park Hyatt Beaver Creek Resort & Spa and The Clancy Hotel in San Francisco.

Sources

• Sixth Street: Sixth Street Acquires the Four Seasons Resort Scottsdale