JLL arranges $37 million refinancing for Ambiente

PHOENIX, Feb. 26, 2026 – JLL Hotels & Hospitality Group announced today it has arranged a $37 million non-recourse refinancing for Ambiente, Arizona's only Two MICHELIN Key hotel. The 40-room, adults-only luxury property opened in February 2023 and is North America’s first landscape hotel.

JLL worked on behalf of the borrower to secure the non-recourse refinancing through a debt fund. The transaction provides a significant cash-out component, recapitalizing the asset for continued operations and future growth.

Ambiente comprises 40 glass guest atriums on a three-acre site at 900 W. State Route 89A. The accommodations feature floor-to-ceiling windows to maximize views of Sedona's red rock formations, private rooftop decks with fireplaces and curated interior finishes. On-site amenities include the Forty1 restaurant, Velvet Spa offering in-room and outdoor treatments and approximately 600 square feet of event space.

Since opening, the hotel has gained significant global recognition, including being ranked number 10 in Travel + Leisure's 2024 World's Best Awards, in addition to accolades from Forbes, AFAR and Condé Nast Traveler. The property has demonstrated strong performance, and continued exposure both domestically and internationally.

Ambiente enjoys an unparalleled location with immediate access to downtown Sedona, breathtaking hiking and biking trails, and natural attractions such as Cathedral Rock and Oak Creek Canyon. The hotel is positioned within one of America’s most supply-constrained luxury hospitality markets, with over 3 million annual visitors drawn to Sedona for its wellness offerings, mild climate and world-class outdoor recreation. Just two hours north of Phoenix, Sedona benefits from proximity to one of the fastest-growing metropolitan areas in the U.S., fueling sustained demand from both international and high-net-worth regional guests.

"Our family has been pleased to partner with JLL Hotels & Hospitality Group in securing the refinancing for Ambiente,” said Jennifer May, co-owner of Two Sister Bosses. "From the outset, the JLL team demonstrated exceptional expertise, dedication and a deep understanding of our vision as a family-owned and operated luxury landscape hotel. Their strategic guidance, seamless execution and unwavering support throughout the process not only provided critical capital for our ongoing operations and future growth, but also strengthened our ability to continue delivering unparalleled, nature-immersive experiences in Sedona. Working with JLL has been a true pleasure, and we highly recommend their team to any hospitality owner seeking a trusted, results-driven partner."

The JLL Hotels & Hospitality team representing the borrower included Managing Directors Adrienne Andrews and Analyst Jessica Mehra.

"This refinancing represented a rare opportunity to lend against a stabilized, trophy-quality asset in one of the nation’s most constrained luxury leisure markets," said Andrews. "The sponsor’s ongoing stewardship, strong brand identity and disciplined operational management further reinforce Ambiente standing as one of the most compelling independent hotel investment opportunities in the country."

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of December 31, 2025. For over 200 years, clients have trusted JLL, a Fortune 500^® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

The first of its kind in North America and the only Two MICHELIN Key hotel in Arizona, Ambiente, a Landscape Hotel is uniquely situated among Sedona’s legendary red rock monoliths, offering guests an intimate and immersive experience amidst one of the world’s most stunning natural locations. As the only adults-only destination in Sedona, the award-winning boutique hotel features 40 freestanding, cube-shaped Atriums that embody elegant, minimalistic architecture through bronzed glass exteriors that reflect the surrounding landscape by day and fill the landscape with a soft, ethereal glow by night. In line with landscape hotels around the world, expertly placed stilts elevate the structures, simultaneously preserving the existing topography below and allowing for breathtaking, 360-degree views from every angle of the property. With contemporary, elemental interiors, free-flowing waterways underfoot and private rooftop decks that put the Dark Sky city’s beaming stars on full display, the Atriums’ sleek design exudes a tranquil, lavish hideaway that solidifies the hotel’s status as the most luxurious in Sedona. Guests can also indulge in elevated dining at the onsite restaurant, Forty1, unwind at the award-winning Velvet Spa, or explore the many adventures the region has to offer. Opened in February 2023, Ambiente is committed to providing a sustainable destination for global travelers that is harmonious with the environment. To learn more, visit AmbienteSedona.com.

Two Sister Bosses is a Sedona-based, family-owned and -operated luxury hotel development and management company founded by sisters Jennifer May and Colleen TeBrake, with their father Mike Stevenson. Headquartered in West Sedona, Arizona, the company blends innovative, sustainable design with deep respect for the region's natural beauty and local heritage. Best known for developing and operating Ambiente (formerly Ambiente Sedona)—North America's first landscape hotel and Arizona's only Two MICHELIN Key property—Two Sister Bosses is committed to creating immersive, nature-centric guest experiences that honor Sedona's iconic red rock landscape while minimizing environmental impact. As multi-generational Sedona locals, the team continues to expand with projects like the upcoming adults-only sister property, delivering refined luxury hospitality rooted in family values and stewardship of the land.