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.
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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