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Fairmont Scottsdale Princess Announces Final Phase of $60 Million Renovation

SCOTTSDALE, Ariz.—Fairmont Sc­ottsdale Princess has announced the final phase of its full-scale, five-year $60 million property renovation plan. Designed to enhance the guest experience for both leisure and corporate travelers, the improvements coincide with the resort’s 25th anniversary in December. The Fairmont Scottsdale Princess is owned by a joint venture between Strategic Hotels & Resorts, Inc. and Walton Street Capital, L.L.C. The resort’s renovation strategy is the innovation of Strategic Hotels, which also serves as the resort’s asset manager.

Set to be complete in spring 2013, the final $25 million phase of the resort’s renovation plan includes the debut of the Palomino Conference Center and remodeling of the Princess Conference Center; the introduction of the innovative Well & Being at Willow Stream Spa; the outdoor enhancement of Michael Mina’s BOURBON STEAK; the addition of a “living wall” to the resort’s facade; the re-concepting of the resort’s three-meal restaurant, LV Bistro; and enhancing the Fragrance Garden for weddings and group events.

“We are proud to unveil these exciting additions, which will highlight the resort’s meetings and events, spa and culinary offerings,” said Jack Miller, general manager of the Fairmont Scottsdale Princess, in an announcement. “We are particularly eager to debut the new Palomino Conference Center and newly renovated Princess Conference Center. The expanded and upgraded facilities will further establish the Fairmont Scottsdale Princess as a preeminent meetings and events destination, and our cutting edge spa and wellness offerings will serve as great assets to planners and guests alike.”

The hotel’s earlier phases of renovations, additions and enhancements were completed from 2007-2010. This included renovated guest rooms and lobby, the new Fairmont Gold Lounge, new fire and water features throughout the resort grounds, new Bobcat Billy’s Clubhouse for kids, as well as dining and nightlife additions, including Michael Mina’s BOURBON STEAK, Stone Rose Lounge, and the re-opened La Hacienda with Richard Sandoval.

While leisure and corporate travel to the Phoenix/Scottsdale area continues to improve, the market has remained stable with relatively no new competitive supply. Leveraging this dynamic, the Fairmont Scottsdale Princess’s capital improvement plan is designed to best position the resort to capitalize on the increase of leisure travel and capture greater share of group and event business. Looking forward to 2013, the resort’s group bookings are trending 45 percent higher than 2012, an indication these improvements are resonating with the resort’s core guests.

“The Fairmont Scottsdale Princess is the definition of a true world-class resort,” said Laurence Geller, president and chief executive officer of Strategic Hotels & Resorts, Inc. “Knowing the market was set to improve, we made the strategic decision to meaningfully invest in the property, taking it from an already magnificent resort and elevating it into a class of its own. While the Fairmont Scottsdale Princess is regularly recognized as a destination of choice among leisure and corporate travelers, the extremely positive reception to the renovations is indicative of the property’s long-term ability to drive memorable guest experiences, as well as improved hotel performance.”

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