DTZ, a global leader in commercial real estate services, announced today that the Chaparral Suites hotel, 5101 N. Scottsdale Road, has been sold by two ownership entities formed by the Silverman family (Tom Silverman, et al.) for $34 million. The buyer was Snyder Nationwide Real Estate, Inc. of Scottsdale.
DTZ’s Managing Director Don Arones and Senior Vice President Jack Wilson represented the sellers during the transaction.
Located on 15 acres at the northeast corner of Chaparral and Scottsdale Roads, the all-suite, 312-room hotel was built in two phases in 1980 and 1985. The sale of the east portion of the property included hotel rooms, pool, tennis court, meeting spaces and an 11,600 square foot conference center/ballroom. The sale of the west portion of the property included hotel rooms, pool, meeting space and the 4th Floor Grille & Sports Bar. Snyder paid $25.5 million for the east portion and $8.5 for the west portion. The seller of the east portion was Silverfam, L.P. The seller of the west portion was Chaparral Associates, Inc.
Snyder has indicated they are going to renovate the property, with construction scheduled to begin by next summer and completed by year-end 2015. The hotel, which will remain open during the renovations, will be rebranded as an Embassy Suites.