A retreat that opened in 1929, The Arizona Biltmore Resort in Phoenix, has been purchased by Blackstone Real Estate Advisor for $403 million. The contract was closed on April 20th.

The winter retreat’s price tag was higher than that of the Phoenician, which sold in 2015 for $400 million.

The New York-based company that purchased the resort is the owner of the JW Marriott Desert Ridge Resort and Spa in Phoenix. The resort and spa is one of the largest hotels in Arizona, and it has 950 rooms.

The Biltmore is smaller with 740 rooms, and Frank Lloyd consulted on the project, while it was actually designed by Albert Chase McArthur, his student.

The opulent resort was only open during winter because it was built before the use of air conditioning was common.

The resort has a famous past. United States presidents from Herbert Hoover to George W. Bush has spent a night at the resort, Ronald and Nancy Reagan spent their honeymoon at the opulent accommodation, and the song “White Christmas” was written there.

In 2003. KSL Resorts bought the hotel for $335 million, and the Singapore government took possession of it through bankruptcy in 2013.