Tucson-based HSL Properties has purchased the Hilton El Conquistador resort for $15 million, an executive says.
HSL is planning to spend $16 million in rehabilitation and capital improvements on the hotel part of the resort, said Omar Mireles, executive vice president of HSL. Sale of the resort closed Thursday.
βWeβre hitting the ground running,β he said today.
The purchase marks step one in a plan for Oro Valley to acquire the El Conquistador resort's country club and 45 holes of golf.
HSL plans to immediately split off those entities from the resort and sell them to the town for $1 million over three years. The price tag is one-third of its appraised market value.
Mireles said HSL hopes to finalize that sale by March 1.
The Oro Valley Town Council voted Wednesday to approve the purchase of the country club and golf courses. The town plans to turn the 31,475-square foot club building into a community center and contract out the golf course operations.
The purchase will be funded by a sales-tax increase.
Mireles said hotel rehab work will take place over the next 12 to 18 months, mostly in the slower summer months.
βThe tricky part of the operation is doing a rehab while the property will still be open for business and obviously making sure we donβt get in the way of guests,β he said.
