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Wrigley Mansion sold for $17 million in deal with Arizona Biltmore
The property, previously owned by the Hormel family for 34 years, will be operated by Pyramid Global Hospitality alongside the Arizona Biltmore under the new ownership structure.
ConnectCRE reports that the Wrigley Mansion has joined the Arizona Biltmore under a new ownership arrangement involving Henderson Park, a joint venture with Western & Southern Financial Group, and funds managed by Hamilton Lane, South Street Partners, and Pyramid Global Hospitality.
In the deal, Pyramid Global Hospitality will oversee operations at both properties, according to ConnectCRE.
The mansion was sold by the Hormel family, which owned it for 34 years, and the sales price was $17 million.
ConnectCRE adds that the Wrigley Mansion sits on a 100-foot knoll above the Arizona Biltmore and was commissioned in 1931 by William Wrigley Jr. as a wedding anniversary gift for his wife, Ada.