HVS Capital Corp arranged the $59 million refinance of the Starwood Luxury Collection Wigwam Resort and Golf Club and the renowned Arizona Biltmore Golf and Country Club in Phoenix.
The Wigwam's remarkable history, unique setting, exceptional golf courses and strategic location in the rapidly growing Phoenix West Valley were apparent and compelling to West LB AG. With this 331-room resort poised for impressive growth, the lender could underwrite the loan on the basis of completion rather than its historic income. The new senior/mezzanine loan provided by West LB AG will facilitate the completion of extensive room renovations and major improvements to the 54-hole, Robert Trent Jones Sr. golf courses. Included will be a new Jim McLean Golf School and the construction of a world class, 14,000-square foot, Elizabeth Arden Red Door Spa.
The financing also allows for on-going improvements to the renowned, 36-hole Arizona Biltmore Golf and Country Club’s Links and Adobe golf courses. The loan provides for the planned construction of an entirely new clubhouse, pro-shop and restaurant structure and additional parking facilities for the property.
Please click here for the official announcement.