Business Real Estate Weekly by Rose Law Group
Scottsdale – A company formed by timeshare operator Orange Lake Resorts in Kissimmee, Fla. (Spence Wilson, chairman) paid $52 million ($120,650 per room) to buy the 431-room Zona Hotel & Suites in Scottsdale. The 27-year old hotel, which is adjacent to the Fairmont Scottsdale Princess resort, is at 7677 E. Princess Boulevard. The new owner, which operates the popular Holiday Inn Club Vacations brand, is expected to convert the hotel to a timeshare/vacation rental. Sources say Orange Lake Resorts will spend tens of millions to completely refurbish the property in a renovation that will close the resort for more than a year. The remodeled resort is expected to include a significant reduction in the total number of units. Maricopa County records show OLCC Arizona LLC (Orange Lake entity) paid cash to acquire Zona Hotel & Suites. The seller was Resort Suites Scottsdale 2011 L.P., a partnership formed by Sunstone Realty Advisors in Vancouver, British Columbia, Canada (Steve Evans, Darren Latoski, partners). Continued
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