San Manuel Nation Acquires Fairmont Scottsdale Princess for Reported $241.4 Million

The San Manuel Investment Authority, the investing arm of the Yuhaaviatam of San Manuel Nation of Southern California, has acquired the Fairmont Scottsdale Princess in Scottsdale, Arizona. The transaction adds a luxury hospitality asset to the tribe’s non-gaming holdings. Filings with the Maricopa County recorder’s office show four parcels of the 65-acre property sold for $241.4 million, including nearly $24 million in equipment, fixtures and other intangible assets. Strategic Hotels & Resorts was the seller.

Fairmont will continue operating the resort, a winner of multiple awards in travel, hospitality and golf. The property has held AAA Five Diamond status since 1991 and received the Timeless Diamond designation in 2025. It has also been recognized as one of Condé Nast Traveler’s Readers’ Choice Awards ‘Top Resorts in the Southwest’ for the past three consecutive years.

San Manuel’s Established Gaming Operations

The tribe owns the Yaamava’ Resort & Casino at San Manuel in Highland, California, rebranded five years ago from San Manuel Casino. California is the largest tribal casino market in the U.S. by gross gaming revenue.

In May 2021, the nation acquired the Palms Casino Resort in Las Vegas from Red Rock Resorts for $650 million in cash. Red Rock had paid $312.5 million for the venue and spent $690 million on enhancements, taking a loss on the deal.

Hospitality Expansion and Event Synergies

This purchase follows the tribe’s July 2023 acquisition of a 40% stake in the Waldorf Astoria Monarch Beach in Dana Point, California. By October 2025, it held majority control of that property, managed by Hilton with Troon running golf operations.

The Fairmont Scottsdale Princess is located next to TPC Scottsdale, home of the WM Phoenix Open on the PGA Tour. This positioning generates additional traffic during the tournament week.

Acquisition Patterns and Valuation Considerations

The move continues San Manuel’s push into high-end non-casino assets alongside its gaming portfolio. The earlier Palms transaction underscores valuation risks in casino acquisitions, where enhancement costs can exceed purchase price. Non-gaming hospitality investments offer a different exposure profile tied to awards, location and event calendars. How these holdings perform relative to gaming revenue will shape future tribal allocation decisions.

Reporting: Casino.org News

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