HSL Properties to Sell Portion of 383-Acre Hilton Property it Acquires
- Jan 22, 2015
Hilton El Conquistador Golf & Tennis Resort and the El Conquistador Country Club is now part of HSL Properties’ hospitality portfolio following a recent acquisition closed by CBRE Hotels.
The brokerage group represented the seller, New York City-based MetLife, and the team negotiating the transaction included Jerry Hawkins, S. Douglas Henkel, Lewis C. Miller, Andy Wimsatt and Jeff Woolson. The deal including an additional 18 acres of developable land on Oracle Road was worth $15 million, according to Real Estate Daily News.
The assets are situated on two separate parcels totaling approximately 383 acres. Built in 1982 on a 121-acre site, the hotel was Tucson’s first major resort with over 250 rooms. The Sheraton Resort, as it was originally called, was repositioned to its current Hilton affiliation in 2003. Today the 432-room Resort and Country Club have over 100,000 square feet of indoor and outdoor event space to offer. The property also includes Tucson’s largest golf and tennis facility with a total of 31 hard-surface tennis courts and 45 holes of golf courts.
The new ownership will sell the country club and 45-hole golf course to the town of Oro Valley by March 1, and has plans for $16 million in rehabilitation and capital improvements on the hotel portion of the property. The renovations are slated to take place over the next 12 to 18 months, with most of the work happening in the slower summer months. The 31,475-square-foot club building at the country club will foreseeably be converted into a community center, and the golf course operations contracted out to a third party.
Photo credits: Hilton Hotels & Resorts