SCOTTSDALE—SNRE Chaparral I, LLC, an affiliate of Scottsdale-based Snyder Nationwide Real Estate, Inc., has purchased the Chaparral Suites Hotel, a 312-room, full-service hotel and conference center located on North Scottsdale Road within walking distance of Scottsdale Fashion Square, Old Town Scottsdale and Scottsdale Waterfront. The purchase price was $34 million.
Snyder Nationwide Real Estate, Inc., who was the buyer and also represented the purchasing entity in the transaction, just completed the sale of a significant hotel they owned in Silicon Valley and participated in a 1031 exchange into the Chaparral Suites. They have had a longstanding relationship with the Silverman family, whose family owned the hotel since it was developed in 1980.
Chaparral Suites is situated on one of the largest contiguous parcels in downtown Scottsdale. The hotel has 50,000 square feet of flexible meeting and function space, two heated outdoor pools, a fitness center, and a 24-hour business center.
Mark Snyder, managing member of the purchasing entity, tells GlobeSt.com, “The due diligence period was long, with lots of moving parts, but in the end we got everything we expected to get. We plan to create a distinct, luxurious experience at one of Scottsdale's best-located hotels through a comprehensive renovation converting the hotel to an Embassy Suites later in 2015. The more we are getting into the sales, marketing and operations of Chaparral Suites, the more we're encouraged about the investment we made.”
Crescent Hotels & Resort of Fairfax, VA has been selected to manage the hotel.
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