Starwood Hotels & Resorts has sold The Phoenician, A Luxury Collection Resort in Arizona, US, to Host Hotels & Resorts for US$400m (€355m, £259m) before the resort undergoes a ‘complete renovation’.

The sale of this US property follows Starwood’s recent sale of Italian property The Gritti Palace in Venice – as part of the operator’s goal of completing US$800m (€711m, £517m) in asset sales by the end of 2015.

The new owner, Host Hotels & Resorts is a lodging real estate investment trust and an owner of luxury and upper-scale hotels.

The 643-bedroom Phoenician resort will remain a Starwood-operated property – as A Luxury Collection-branded property – under a long term management agreement. It is not yet clear what the ‘complete renovation’, mentioned by Starwood, will entail – and whether it will affect the 25,000sq ft (2,323sq m) spa’s 24 treatment rooms and fitness centre.

The hotel was originally opened in 1988 on 300 acres (121 hectares) of land at the base of Camelback Mountain. It houses nine food and beverage outlets, a 27-hole golf course, seven outdoor pools and 85,500sq ft (7,757sq m) of indoor meeting space.