Fairmont Scottsdale Seeks Rent Relief From City
From AZCentral.com:
Hotel Would Build More Meeting Space to Remain Competitive
Scottsdale would cut the rent for the Fairmont Scottsdale Princess resort under a new deal the hotel owner is seeking to help reduce its debt and build new meeting space. Strategic Hotels and Resorts, the Chicago-based resort owner, bought the 642-room hotel at the height of the market in 2006 for $360 million. It has invested $60 million in the property and is planning to spend up to $25 million on 57,000 square feet of new convention meeting space. The resort operates on land leased from the city. Click here for the full story.
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