TUCSON— New York City-based MetLife sold the Hilton El Conquistador Golf & Tennis Resort and the El Conquistador Country Club located in Tucson to Tucson-based HSL Properties. The asset is situated on two separate parcels totaling approximately 383-acres and was purchased for $15 million.
The CBRE Hotels' team who negotiated the transaction on behalf of the seller consisted of Jerry Hawkins in Tucson.; S. Douglas Henkel in Norfolk, VA; Lewis C. Miller in Atlanta, GA.; Andy Wimsatt in Washington, D.C. and Jeff Woolson in Carlsbad, CA.
HSL Properties has announced plans for $16 million 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 plans to turn the 31,475-square-foot club building into a community center and contract out the golf course operations. HSL hopes to finalize that sale by March 1.
Hawkins tells GlobeSt.com, “MetLife has been involved with the property as an owner or a lender from day one. The 45 holes of golf made this a difficult transaction. It was an interesting part of the marketing assignment.
"CBRE Hotels was pleased to represent MetLife in the disposition of this resort. The property was purchased by a local owner, HSL, who will bring a unique perspective to the Tucson resort market.”
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. The property was repositioned to its present Hilton affiliation in 2003. Today the 432-room Resort and Country Club benefit from over 100,000 square feet of indoor and outdoor event space as well as a shared synergy as Tucson's largest golf and tennis facility with 45 holes of premier golf and 31 hard-surface tennis courts, collectively. Additionally, the property includes approximately 18 acres of developable land on Oracle Road.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
