Ambiente, described as Arizona’s only Two MICHELIN Key hotel, has completed a $37 million refinancing for its adults-only property in Sedona. The non-recourse loan was arranged by JLL’s Hotels & Hospitality Group through a debt fund, providing new capital structure for the high-end boutique asset. The property opened in February 2023 and is located on a three-acre site at 900 W. State Route 89A, with immediate access to downtown Sedona and nearby outdoor amenities.
The hotel consists of 40 glass guest atriums that are designed with floor-to-ceiling windows to capture views of Sedona’s surrounding red rock formations. Each atrium functions as a private accommodation, emphasizing privacy and direct connection to the landscape. The architecture and layout are directed toward maximizing exposure to natural scenery, which is a core feature of the property’s positioning.
On-site amenities at Ambiente include the Forty1 restaurant, which serves as the property’s primary dining venue, and Velvet Spa, which offers both in-room and outdoor treatments. The hotel also provides approximately 600 square feet of event space, accommodating small gatherings and meetings. These program elements support the property’s focus on experiential, adults-only hospitality within a resort-style setting.
Ambiente’s location offers convenient access to downtown Sedona, as well as direct proximity to popular hiking and biking trails and well-known natural attractions such as Cathedral Rock and Oak Creek Canyon. The setting integrates the property’s hospitality offering with the broader outdoor recreation draw of the Sedona area, reinforcing its appeal to leisure travelers seeking access to the region’s trail networks and scenic landmarks.
The JLL Hotels & Hospitality team representing the borrower on the refinancing consisted of Adrienne Andrews and Jessica Mehra. Their mandate included arranging the non-recourse debt financing through a debt fund provider. Specific terms of the new loan, including lender identity, maturity, and rate structure, were not disclosed in the source material.
Ownership of the hotel is held by Mike Stevenson and his two daughters, Jennifer May and Colleen TeBrake. They are identified as the owners of Ambiente, with no separate operating or management entity specified in the available information. The refinancing provides this ownership group with a new capital structure for the relatively recently opened asset.
The article also notes that the refinancing transaction occurs against the backdrop of an active regional commercial real estate conversation, referencing an upcoming Connect Phoenix Multifamily, SFR & BTR event focused on issues such as submarket divergence, elevated deliveries and capital selectivity. While separate from the Ambiente transaction, this context highlights broader investor and lender attention to capital deployment and risk in the Arizona market.
