The sale of the Scottsdale Plaza Resort and Villas in Paradise Valley was announced by Rockpoint, a Boston-based real estate private equity firm, and Highgate, a hotel management, investment and development company, on April 8.

The terms of the transaction were not disclosed, according to a press release.

“Highgate is pleased to have partnered with Rockpoint on Scottsdale Plaza Resort and Villas, and to have successfully executed on our value-add plan and delivered strong results,” Zach Berger, principal at Highgate, said in the release.

Highgate will continue operating the resort in conjunction with the buyer.

During its ownership, Rockpoint and Highgate have maintained the property’s rich heritage while also making upgrades like instituting a membership arrangement with Preferred Hotels and Resorts, modernizing the hotel’s e-commerce presence and implementing institutional revenue management strategies.

“Rockpoint and Highgate executed on a shared vision for the resort, and we are pleased to have added significant value through several property enhancements, expense saving initiatives and strategic revenue optimization,” stated Aric Shalev, a managing member and co-president at Rockpoint. “We believe the resort is well positioned to build on its rich heritage under new ownership.”

The Scottsdale Plaza Resort and Villas is a 404-room hotel featuring more than 50,000 square feet of event space, five pools, tennis courts, state-of-the-art fitness center, luxury spa and amenities. It’s conveniently located in close proximity to Old Town Scottsdale and downtown Phoenix and is surrounded by the expansive Sonoran Desert with nearby hiking trails and 40 acres of gardens. Originally built in 1976, Scottsdale Plaza has a legacy as one of the largest operated resorts in Arizona.

Newmark acted as broker for Rockpoint and Highgate on this transaction, according to the release.