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Extended Stay Scottsdale Hotel Trades for Residential Conversion
Scottsdale-based investment firm Sterling Real Estate Partners recently acquired Suites on Scottsdale in an off-market transaction with plans to convert the hotel into market rate apartments. Originally built in 1996, the 114-key extended stay hotel will be transformed into a luxury, 85-unit apartment community.
“The location of this property could not be better,” said Sterling president David Zeff. “We will be delivering essentially new product at a significant discount to replacement cost.”
Dinesh Rama of NewGen Advisory brokered the sale of the hotel. This is Sterling’s fifth acquisition in the past six months and will be its second adaptive reuse project.
Sterling had the property under contract since December of 2020 while it processed a change in use from hospitality to residential. “We took a risk during COVID and are delivering value to our partners,” said Zeff.
Sterling plans to begin development of the new apartments this summer.
- ◦Sale/Acquisition
- ◦Development
