Phoenix-based Pivotal Group is investing $100 million to purchase and renovate the Hilton Phoenix Resort at the Peak, an iconic property developed in 1977 near SR 51 and Northern Avenue.
Peak Hotel LLC, an entity linked to Pivotal Group, paid $39.5 million for the property in a sale that closed Oct. 1, according to Tempe-based real estate database Vizzda LLC.
Pivotal acquired the resort from New York-based Fortress Investment Group, which had purchased the property for $51.35 million in 2019 .
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Plans call for building a spa and fitness center, along with a new adult pool.
It will add to the existing family pool and lazy river that has been a big draw for families.
Read more of this story from the Business Journal.
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