The San Manuel Investment Authority has bought the Fairmont Scottsdale Princess, a 750-room resort in Scottsdale, Arizona. The authority is an unincorporated governmental instrumentality of Yuhaaviatam of San Manuel Nation, a tribe based near San Bernardino, California. It announced the acquisition on Oct. 1.
Hotel Online carries the announcement on a page dated Oct. 8, in a syndication of an Arizona Republic and Arizona Daily Star article by Debra Utacia Krol. The buyer's own release is datelined Highland, California, Oct. 1.
The Buyer and the Attributed Price
The buyer published no price. The Real Deal, citing the Phoenix Business Journal and public records, puts the hotel portion at $241.4 million including the 750 keys, about $322,000 a key. Most of the resort sits on land owned by the City of Scottsdale, so the recorded amount covers the hotel improvements and parking. No ground-lease terms were disclosed.
Lynn Valbuena, chairwoman of the San Manuel Investment Board and chairwoman of Yuhaaviatam of San Manuel Nation, said the Princess's setting, hospitality and amenities fit the authority's strategy, and that the authority looks forward to partnering with Fairmont and the hotel's management team.
Jack Miller, regional vice president and general manager of the Fairmont Scottsdale Princess, called the property a Scottsdale landmark for four decades.
A Portfolio of Luxury Hotels Without Gaming
The purchase sits inside a long-term strategy of investing in luxury, non-gaming destinations. The authority bought the Waldorf Astoria Monarch Beach Resort and Club in Dana Point, California, taking full ownership in 2025 after a partial interest held since 2023. It announced an agreement for The Mission Inn Hotel and Spa in downtown Riverside, California, on May 4, 2026, and completed the purchase that May.
The Scottsdale purchase is the authority's first in Arizona. The tribe also operates the Yaamava' Resort & Casino on its lands in Highland, California, and the Palms Casino Resort in Las Vegas.
Yuhaaviatam means People of the Pines. The tribe is a clan of the Maara'yam, or Serrano, people, and was once known as the San Manuel Band of Mission Indians. The Arizona Daily Star report describes a 200-member tribe.
The Property File
The Princess has held AAA Five Diamond status since 1991. AAA named it a Timeless Diamond in a release dated Nov. 5, 2025. Condé Nast Traveler's Readers' Choice list has placed it among the Top Resorts in the Southwest for 2023, 2024 and 2025, and the 2025 list ranks it first in the Southwest.
Condé Nast Traveler's own review page still prints 649 rooms. The 750 figure is the one the buyer's statement and the trade coverage use.
The resort is the host hotel for the PGA Tour's WM Phoenix Open. The hotel's own tournament page states it has held that role for more than 30 years and calls the property the official resort of the event. The resort sits next to TPC Scottsdale. Its own site lists six pools and five signature restaurants.
What the Record Leaves Open
The buyer's statement names no management agreement term, no renovation plan and no ground-lease term. It sets no change to the Fairmont-branded operation.
What the record carries is narrower: a 750-room Scottsdale resort, a 40-year operating history, an attributed price of $241.4 million for the hotel portion, and a buyer that has added three luxury non-gaming hotels since 2023.