CBRE has completed the sale of the Hilton El Conquistador Golf & Tennis Resort and the El Conquistador Country Club located in Tucson. The asset is situated on two separate parcels totaling approximately 383-acres. Financial terms of the transaction were not disclosed.
The buyer, HSL Properties, has announced plans for $16M in rehabilitation and capital improvements on the hotel portion of the property. The rehab work is slated to take place over the next 12 to 18 months, with most of the work happening in the slower summer months.
HSL has also started the process to split off the resort’s country club and 45-hole golf course. The town of Oro Valley will purchase those assets and plans to turn the 31KSF club building into a community center and contract out the golf course operations. HSL hopes to finalize that sale by March 1.
Originally built as a Sheraton Resort in 1982, the property was Tucson’s first major resort with more than 250 rooms on the original 121-acre site.