Restaurants & Hospitality Acquisitions in Arizona

Dynamic City Capital, a Provo, Utah–based real estate investment firm, has acquired The Wilde Resort and Spa in Sedona, Arizona. The 137-room luxury spa resort expands DCC's portfolio into the lifestyle/destination hospitality segment and strengthens its presence in Arizona.

Tailwind Hospitality (dba Tailwind Concessions) acquired the Panera Bread concession at Phoenix-Mesa Gateway Airport from Kind Hospitality, making Tailwind the majority owner and primary operator of all food & beverage concessions at the airport. The deal expands Tailwind's airport footprint and follows a 2021 recapitalization of Tailwind by Palladin Consumer Retail Partners, which has supported the company's broader growth and M&A activity.

Bowlero Corp. entered into a definitive agreement to acquire Mavrix and Octane Raceway, two entertainment venues located in Scottsdale, Arizona, in an all-cash transaction expected to close at the end of August 2023. The acquisitions expand Bowlero’s footprint in Arizona (its 19th and 20th locations in the state) and add go-kart, arcade, laser-tag and full-service restaurant amenities to its portfolio.

Savory Fund has acquired a majority interest in chef Joey Maggiore’s The Sicilian Butcher and its sister concept The Sicilian Baker, committing up to $30 million to support expansion. The Maggiores will remain involved while Savory Fund joins the board and aims to rapidly scale the Arizona-based three-unit brand into new markets (Texas and Las Vegas) with a goal of 20 units over four years.

Aramark has signed an agreement to acquire a collection of Forever Resorts destination properties and will rebrand its Leisure division as Aramark Destinations. The deal transfers operations of 12 vacation and outdoor-adventure properties located in and around U.S. national parks to Aramark, expanding its portfolio of destinations and cultural attractions across North America.

BBQ Holdings, Inc. (soon to be Famous Hospitality, Inc.) acquired Barrio Queen, a Phoenix/Scottsdale-based Mexican fine-dining restaurant chain, for $28 million on April 11, 2022. The acquisition expands BBQ Holdings' multi-brand restaurant portfolio and adds a fast-growing Mexican dining and tequila concept with seven locations and an eighth leased.

TPG Capital, joined by Rory McIlroy's Symphony Ventures, has agreed to make a significant strategic investment in Troon, the Scottsdale-based golf and club management company. Existing investor Leonard Green & Partners will retain a substantial stake; the capital will be used to accelerate Troon's growth and expand its market-leading services globally.

Savory Fund, the restaurant-focused vehicle managed by Mercato Partners, has invested $20 million in Scottsdale-based Hash Kitchen to form a new growth partnership. The capital will be used to unify operations and aggressively scale the brunch-centric concept across the western United States, with a target of roughly 30 new locations over the next four years; Hash Kitchen's founders will remain involved and Savory representatives will join the board.

Arcis Golf has acquired six Arizona golf properties from professional golfer Phil Mickelson and partner Steve Loy, adding three private clubs and three daily-fee facilities to its portfolio. The acquisition strengthens Arcis Golf's presence in the greater Phoenix market and expands its offering of private- and public-course experiences in Arizona.

Red Barn Equity Partners, through its special purpose vehicle Red Barn Franchise Holdings LLC (RBFH), made a strategic investment in Dogtopia, acquiring interests from Thomas Franchise Solutions USA LLC and Dogtopia Enterprises LLC. Following the transaction Christopher Kempner (Red Barn) will become Chairman while Neil Gill will remain CEO as Dogtopia pursues further franchise unit growth across the U.S. and Canada.

TriArtisan Capital Advisors LLC and Paulson & Co. Inc. completed the acquisition of casual-dining chain P.F. Chang's China Bistro Inc. from Centerbridge Partners L.P. The buyers said the partnership will provide financial strength and support a growth strategy to scale dine-in and off-premises channels domestically and internationally.