Long-besieged hotel property in Paradise Valley, Arizona, gains new ownership
PARADISE VALLEY, Ariz.–(BUSINESS WIRE)–Walton Global, a real estate investment and land asset management firm with US$3.6 billion under management, is pleased to announce its acquisition of the Smoke Tree Resort property located west of Scottsdale Road on Lincoln Drive in the town of Paradise Valley, Arizona.
The deal was completed on June 29, 2022 with ST Holdings, a subsidiary of Scottsdale-based Walton Global Holding, LLC. Walton acquired the 5-acre property for $14 million with plans to build a new boutique hotel that will serve locals and support tourism in Arizona.
Walton intends to incorporate an elegance into the new design that Paradise Valley is known for and avoid controversial elements that have challenged Smoke Tree and other hotel redevelopments in the past, such as bars on the roof, condominiums, units for sale, height, density and others. concerns that have hampered revitalization efforts in the past.
The distinctive and strategically positioned property has gone through bankruptcy and now offers new opportunities and renewed optimism.
“As a resident of Paradise Valley for 15 years, I have walked past the Smoke Tree Resort often wondering why it has been idle for so many years. When Walton was presented with the opportunity to acquire the resort and learned of its financial challenges, we acted quickly, conducted our due diligence and secured ownership. I am excited about our goal to bring this historic landmark to life in a place that residents of Paradise Valley and Phoenix as a whole can once again nominate as a destination of choice for an experience that also meets the high standards of the ethics of community,” the Walton Global executive said. vice president of business development, Matt Keister.
The Smoke Tree Resort was originally built in 1954. The restaurant facing Lincoln Drive – The Other Place – was also a Paradise Valley landmark, but attempts to reopen under new management ultimately failed and the restaurant has been closed for over a decade.
Walton already surrounds itself with best-in-class professionals, including Allen & Philp, a Scottsdale-based architectural firm with an exceptional hotel portfolio that includes The Sanctuary, The Boulders, Fairmont Princess and several other award-winning hotel properties.
“I believe Walton’s vision will be in line with the wishes and sensibilities of Paradise Valley and our capital is patient. It is extremely important for us to listen to advice from the Town of Paradise Valley and the community before finalizing our designs. We look forward to reaching a consensus that will result in an extraordinary gathering place for Paradise Valley residents that will also produce economic benefits for the city and Arizona,” said Bill Doherty, CEO of Walton Global.
Walton intends to reach out to residents of Paradise Valley to solicit their input before the design plans for the hotel are finalized.
“The feedback we receive from surrounding residents will be incorporated into the future vision for the new hotel. And to ensure that transparency and communication remain open as the project evolves, we will create platforms such as a website and social media sites to post routine updates. We want our city to embrace the project and be proud of what we believe is the gateway to Paradise Valley,” Keister said.
About Walton Global
Walton Global is a privately-held land asset management and global real estate investment company focused on the sourcing, acquisition, administration, planning and development of land. With over 43 years of experience, Walton has a proven track record in administering land investment projects in the fastest growing metropolitan areas in North America. The company manages and administers $3.6 billion in assets on behalf of its global investors located in 73 countries, builders and developers and industry partners. Walton has more than 97,000 acres of land under ownership, management and administration in the United States and Canada with lines of business ranging from exit-focused pre-development land investments, builder land financing and build-to-let. For more information, visit walton.com.