Oct 24 2009
W Scottsdale Looks Towards a Bright Future and Outperforming the Arizona Hotel Market
Triyar Hospitality Scottsdale, LLC, owner of the W Scottsdale Hotel, announced today that it has reached a resolution in its legal disputes with its lender and the hotel’s construction contractors, which ends litigation between them and the lender’s foreclosure proceedings.
W Scottsdale, which opened one year ago, quickly established itself as a destination hot spot, host to high profile events, celebrities, and trend setting travelers from around the world. Despite the challenging economy, W Scottsdale continues to significantly outperform its competition, as well as well-established hotels and luxury resorts in Phoenix, Scottsdale and throughout Arizona.
“Due to the timing of construction, the W Scottsdale opened in the most tumultuous economic period in recent history and was one of the first of many high-profile hotels in the U.S. to experience financial difficulties. We are pleased to be amongst the first of such properties to successfully restructure and are hopeful this is a sign of ensuing economic recovery,” said Steven Yari, Principal of Triyar Hospitality Scottsdale.
“Despite the issues with our lender and contractors which compounded the financial situation, we are pleased and grateful that the parties were able to reach a reconciliation without the need for further litigation,” added Michael Mahoney, CEO of Triyar Hospitality.
“We are now working on several hotel transactions, some involving properties facing similar ownership issues, and see a bright future ahead to strategically grow our company,” added Steven Yari.
“Scottsdale has long been on W’s short list of coveted destinations, and the hotel’s performance from the moment we opened our doors, despite the economy and the legal proceedings in the background, are proof positive that Scottsdale is a great location for W. Likewise, the W Scottsdale is a great asset for the City,” said Matt Avril, President of Starwood’s Hotel Group. “Our success is also a testament to the quality of the hotel, power of the W brand and its innovative and contemporary delivery of hospitality. Now that our owners have resolved the legal aspects, we expect the hotel’s performance to continue to accelerate, especially as the economy begins to recover.”
The hotel’s celebrated offerings, including Bliss Spa, Sushi Roku restaurant and its three bars and lounges, have quickly become a destination for guests, local insiders and celebrities alike. The future outlook for the hotel is favorable as it continues to set itself apart as a unique destination.
Source: http://www.whotels/Scottsdale.com /