Chaparral Suites in Scottsdale sold; renovation planned

Chaparral Suites Resort in Scottsdale has been sold to a development company that plans a major overhaul of the hotel, its president said.

Mark Snyder, of Snyder Nationwide Real Estate, Inc., said his company purchased the downtown hotel and conference center in December. The purchase price was $34 million, according to Business Real Estate Weekly of Arizona.

The Scottsdale-based company plans to spend up to $24 million to renovate the property, at the northeast corner of Scottsdale and Chaparral roads.

The renovation should be underway by next summer and finished by the end of 2015. The hotel is expected to remain open during that time, Snyder said.

He said the flag will change to Embassy Suites. The goal of the renovation “is to capture the essence of south Scottsdale,” Snyder said.

Tom Silverman, whose family had owned and operated a hotel at the corner since 1953, said the timing was right to sell the historic property, which is within walking distance of Scottsdale Fashion Square, Old Town and the Scottsdale Waterfront.

Snyder Nationwide “is going to take it to the next level,” Silverman said.

Snyder, a Paradise Valley resident and a graduate of Chaparral High School in Scottsdale, said his family has a history with the property.

“When Ray Silverman bought the hotel in 1953, the broker on the transaction who sold it to him was my wife’s grandfather,” he said.

“It’s not just a real-estate play but personal to us,” Snyder added. “We want to see the asset become something that’s special in Scottsdale.”

The Silverman family sold the 312-room hotel and property in two separate transactions, according to Business Real Estate Weekly.

In the larger sale, Snyder Nationwide paid $25.5 million to purchase the eastern portion of the property, which includes a 11,600-square-foot conference center and ballroom.

Snyder also paid $8.5 million to acquire the western portion of the property, including a restaurant called the 4th Floor Grille and Sports Bar.

The sellers were Silverfam L.P. and Chaparral Associates Inc., entities formed by the Silverman family.

Silverman, a former Scottsdale city councilman, said his late father Ray Silverman fell in love with the Scottsdale area during a 1953 visit.

Ray Silverman bought the property that would later become Chaparral Suites, and started the 12-suite Paradise Valley Guest Ranch. At the time, the land was outside the city limits, Silverman said.

“Something told him that Scottsdale was, as far as tourism goes, the future,” Silverman said. “He was right.”

The guest ranch was expanded to 37 units before it closed in 1978, and was redeveloped.

In 1980, Ray Silverman opened the 211-room suites Granada Royale Hometel, considered to be the first all-suites franchise chain, Silverman said.

It was renamed Scottsdale Embassy Suites, after Embassy Suites bought the Granada Royale brand in 1984 , he said.

“In 1985, we had done so well, we built another 100 suites,” Silverman said.

When the Embassy Suites contract expired in 1999, the family renamed the hotel Chaparral Suites and opened the Chaparral Conference Center.

Ray Silverman, known for his philanthropy in the community, died in 2008 at age 94.

Article source: http://www.azcentral.com/story/news/local/scottsdale/2015/01/02/chaparral-suites-scottsdale-sold-renovation-planned/21193599/