Newmark Grubb Knight Frank (NGKF) Hotels announced that it it has completed the sale of the historic Crowne Plaza San Marcos Golf Resort on behalf of a regional bank. The commercial real estate services firm marketed the asset and brokered the sale to a California investor group for an undisclosed price.
“The San Marcos resort has provided a resort oasis for the world’s travelers for nearly a century, and Newmark Grubb Knight Frank is delighted to place this much-loved property with a new owner that is enthusiastic about its future,” said, Sam Winterbottom, NGKF Hotels senior managing director in Atlanta.
Bhavesh “B.J.” Patel, a director in Atlanta, and Mr. Winterbottom worked in conjunction with the NGKF Phoenix office on the transaction. The property sold out of receivership as Real Estate Owned by the seller, Guarantee Bank and Trust Co. of Denver.
The renowned resort in downtown Chandler, Ariz., includes 249 guestrooms, 35,000 square feet of meeting space, a full-service restaurant and lounge, and an 18-hole, championship golf course on 6,626 acres. The new ownership intends to retain the Crowne Plaza flag at the hotel as it renovates and improves the property.
The sale included 46 casitas or bungalows on six acres, as well as a golf school and more than six acres of surplus land, all in a valuable downtown location. Listed on the National Register of Historic Places, the San Marcos Hotel opened on Nov. 22, 1913, just a year after Chandler’s founding, and was the first hotel in Arizona to feature grass greens versus the sand greens commonly in use at the time. Expanded and updated repeatedly over the years, the hotel underwent an extensive renovation, including new furnishings, to become the Crowne Plaza San Marcos Resort in 2006.
“Chandler has essentially grown up around this property, and it is a key part of the city’s past and future,” Mr. Winterbottom said.
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Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, Newmark Grubb Knight Frank employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.
With roots dating back to 1929, Newmark Grubb Knight Frank’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, Newmark Grubb Knight Frank serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.newmarkkf.com.
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