Business Real Estate Weekly by Rose Law Group
Scottsdale/Paradise Valley – Scottsdale Cottonwoods Resort & Suites and an adjacent land parcel have been sold to a joint venture for $13 million. The 27.5 acres that changed hands straddles the Scottsdale/Paradise Valley boundary line and is located along the west side of Scottsdale Road and north of McDonald Drive. The purchase included plans for an extensive renovation and expansion that the previous owner recently had approved by Paradise Valley Town Council. Maricopa County records show the buyer in two cash transactions was PV Hotel Venture SPE LLC, a joint venture formed by Gary Stougaard of Chelsea Hospitality Partners in San Diego, Calif. and Lubert-Adler Real Estate Funds in Philadelphia, Pa. (Ira Lubert, Dean Adler, partners). The sellers were WSRH Scottsdale Cottonwoods LLC and WSRH Scottsdale Land LLC. Those companies include Walton Street Capital LLC in Chicago, Ill., Rockpoint Group LLC in San Francisco, Calif. and SCS Advisors Inc. in Scottsdale (John Pappas, principal). Stougaard, whose company is the managing member of the new ownership entity, says the renovation of the 34-year-old hotel will be consistent with the plan approved by the Paradise Valley Town Council in a unanimous vote in May of this year that amended the special use permit to allow redevelopment of the resort. “We are excited about buying the property,” says Stougaard. “We think it has great potential.” Continued
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