By Beth Duckett for The Arizona Republic
Chaparral Suites Resort in Scottsdale has been sold to a development company that plans a major overhaul of the hotel, its president said.
Mark Snyder of Snyder Nationwide Real Estate, Inc. said his company purchased the downtown hotel and conference center in December. The purchase price was $34M, according to Business Real Estate Weekly of Arizona.
The Scottsdale-based company plans to spend up to $24M to renovate the property at the northeast corner of Scottsdale and Chaparral roads.
The renovation should be underway by summer and finished by the end of 2015. The hotel is expected to remain open during that time, Snyder said.
He said the flag will change to Embassy Suites. The goal of the renovation “is to capture the essence of south Scottsdale,” Snyder said.
Tom Silverman, whose family had owned and operated a hotel at the corner since 1953, said the timing was right to sell the historic property, which is within walking distance of Scottsdale Fashion Square, Old Town and the Scottsdale Waterfront.
The Silverman family sold the 312-room hotel and property in two separate transactions, according to Business Real Estate Weekly.
In the larger sale, Snyder Nationwide paid $25.5M to purchase the eastern portion of the property, which includes a 11.6KSF conference center and ballroom.
Snyder also paid $8.5M to acquire the western portion of the property, including a restaurant called the 4th Floor Grille and Sports Bar.
The sellers were Silverfam L.P. and Chaparral Associates Inc., entities formed by the Silverman family.
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