On September 29, 2026, Braemar Hotels & Resorts announced an agreement to sell the Four Seasons Resort Scottsdale at Troon North for $372 million, or $1.8 million per key. The buyer is Evergreen Acquisitions, LLC, a Delaware company that, according to the sale agreement Braemar filed with the SEC, has no affiliation with Braemar. AZ Big Media reported that Evergreen was incorporated on June 11, and that little else about the company is public.
Braemar expected the deal to close October 22. As of October 24, AZ Big Media was still describing the resort as under contract. So people who live around Crescent Moon Drive face an odd situation. The resort many of them treat as a neighborhood dining room is being priced by people who see it purely as an income stream. The new owner has said nothing in public. The one firm document about the resort's next few months is the holiday program Four Seasons published on September 25, before most of the sale coverage ran.
Who Has Owned It, and What They Paid
This is not the resort's first trade in recent years. Braemar bought it in November 2022. CoStar reports that the seller was Strategic Hotels & Resorts, then owned by Dajia Insurance Group, the successor to Anbang Insurance Group.
| Transaction | Date | Price | Per key |
|---|---|---|---|
| Strategic Hotels & Resorts to Braemar | November 2022 | $267.8 million | $1.28 million |
| Braemar to Evergreen Acquisitions, LLC | Agreement announced September 29, 2026 | $372 million | $1.8 million |
That puts the total price about 39% above what Braemar paid roughly four years ago. Braemar's own explanation for selling has nothing to do with Scottsdale. The sale is one of several asset sales meant to fund its break from Ashford Inc. and its conversion into a self-managed real estate investment trust. In 2026 alone, Braemar has also closed on the Ritz-Carlton Sarasota, the Hotel Yountville and the Bardessono Hotel and Spa, sold together for $437.5 million in July, and the Pier House Resort & Spa, sold for $190 million in August.
The deal is also part of a wider pattern. Both the Arizona Republic and AZ Big Media ran the Four Seasons news as a follow-up to the Fairmont Scottsdale Princess sale earlier the same month. That makes two of Scottsdale's best-known resorts changing ownership within weeks of each other.
What the Price Is Actually Paying For
Braemar's release breaks down the math. It says that once about $23 million in anticipated capital expenditures is included, the $372 million price works out to a 6.2% capitalization rate. That rate is based on the resort's net operating income for the twelve months ended August 2026.
This matters for anyone hoping to read renovation plans into the deal. The $23 million appears only inside that valuation formula. Nothing published so far describes it as a renovation budget the buyer has committed to. No public statement from Evergreen, Four Seasons or local reporting describes plans for the rooms, restaurants, spa or management.
A cap rate does tell you what a buyer is betting on. Evergreen is paying for a stream of income, and that income comes from the 210 rooms on 37 acres described in the Phoenix Business Journal's coverage. It also comes from the restaurants, holiday dinners and local business that fill those rooms. Much of the resort's appeal to investors rests on the same features that draw people from the surrounding streets.
The Ground Under the Deal
The parcel was there long before any hotel investor. A history Four Seasons published in 2017 says the resort sits on what was Crescent Moon Ranch, originally 127 acres. Its first owner was Lois Kellogg Maury, and the ranch was sold in 1967 to Gordon Ingebritson. The site was later sold to a developer, and the resort opened in December 1999.
That makes the resort nearly 27 years old this December, with at least three owners in the past four years if the current sale closes. The resort's street, Crescent Moon Drive, shares its name with the ranch.
The Part That's Already on Paper
Four Seasons released its holiday program on September 25. These are the dates and prices the resort has published for the next two months:
- Thanksgiving to-go at Desert Orchard. Desserts from the pastry team, including Pumpkin Pie with Vanilla Chantilly, Caramel Apple Cheesecake with Gingersnap Crust and Chocolate Silk Pie with Spiced Chantilly. Pickup is November 25 and 26, before 2:00 p.m.
- Thanksgiving Day feast. Live culinary stations, a bourbon tasting, live music and a Sports Room for watching games. $225 per adult and $75 for children ages 5 to 12, excluding tax and gratuity. Children under five dine free.
- Holiday Market, November 27. An open-air market with local vendors and artisans selling art, jewelry, wellness products and home décor, from 11:00 a.m. to 3:00 p.m. Four Seasons describes it as free and open to the public.
- Gingerbread house decorating at Proof. Classes for children led by Executive Pastry Chef Kate Parish on December 12, 19 and 20 at 2:30 p.m. $95 per child under 12.
- Winter Solstice Celebration, December 21. Meditation, intention setting and sound healing, ending with a glass of wassail. 5:30 p.m., $25 per person.
- Christmas Eve dinner at Talavera. A four-course prix fixe at $170 per person.
- Christmas Day brunch. $225 per adult and $75 for children ages 5 to 12, with space for large parties and private dining.
Reservations for the dining events go through OpenTable or the resort at 480-513-5085. The Holiday Market is the only item on the list that is both free and explicitly open to the community. It falls on the Friday after Thanksgiving, which is easy to forget with a full holiday weekend.
The regular restaurants run alongside the holiday program. The resort's current dining list includes Talavera, Proof, Saguaro Blossom, Desert Orchard and Onyx Bar & Lounge. Talavera is a modern Spanish steakhouse serving dinner Wednesday through Sunday, 5:00 to 9:00 p.m. Proof got a new menu in June 2026, which Four Seasons describes as modern American comfort food with Arizona and Southwestern influences built around a smoker. Proof serves dinner until 9:00 p.m. Sunday through Thursday and until 10:00 p.m. on Friday and Saturday, with weekend brunch from 6:30 a.m. to 2:00 p.m. Desert Orchard is open daily from 6:30 a.m. to 2:00 p.m. For hosting family over the holidays, the resort currently offers an Arizona Residents Rate: 15% off the room rate, plus a resort credit and parking. The resort's undated pages can change, so it is worth confirming hours and offers before booking.
What Sits Outside the Sale
Some of the places Troon North residents use most are not part of the Four Seasons at all. Troon North Golf Club, home to the Monument and Pinnacle courses, takes tee-time bookings on its own website and through Troon's booking service. Times can be reserved up to 90 days ahead, prices change with demand, and a 5% water surcharge is added at check-in. The resort describes the club as a nearby 36-hole facility. Its guests get preferred access, help arranging tee times and a free Rivian shuttle on a first-come, first-served basis. The resort-guest perks belong to the resort. Booking a round is handled by the golf club.
Pinnacle Peak Park is also its own place. It is a 150-acre city park at 26802 N. 102nd Way with a 2-mile one-way trail. The resort's spa page suggests a sunrise hike there to its guests, and says the concierge can help plan an itinerary. A change in who owns the resort does not affect when the trailhead opens.
Until Evergreen or Four Seasons says something publicly, the published schedule runs through a free market on November 27, gingerbread classes in mid-December and dinner at Talavera on Christmas Eve.
At Matheson Real Estate Team, we keep track of ownership changes in Troon North and across North Scottsdale, including resort sales like this one that shape the places our neighbors use every week. If you'd like to talk about what changes like these mean for your own property, we welcome you to Request a Private Consultation.
