(Denver, Colorado; Phoenix, Arizona):  HREC Investment Advisors is pleased to announce the sale of the 195-guestroom Hotel Theodore in Scottsdale, Arizona.  The sale was handled by Bill Murney, Senior Vice President in HREC Investment Advisors’ Phoenix office.

Located on 6 acres at Scottsdale Road and Indian School Road in Scottsdale, the Hotel is within walking distance to downtown Scottsdale's shopping and dining district. 

An affiliate of Sydell Partners bought the 195 room boutique hotel formerly known as the Scottsdale Mondrian.  Sydell Partner owns and developed The Ace Hotels in New York and Palm Springs.  The buyer group plans on renovating the property later this year and will continue to operate the hotel as an independent boutique property with added emphasis on a newly concepted F&B operations.  The property was purchased at a great cost basis considering that the previous owner had over $50 million invested in the property.  Joie de vivre has been hired to manage the property.

"The buyers have created a great opportunity to reposition the Hotel Theodore as THE boutique hotel in Scottsdale.  The owners expertise and background coupled with jdv's management expertise combine to create a powerful branding and marketing team to take full advantage of the Scottsdale market," states Murney.

About HREC: HREC is the nation’s leading lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting (market studies and appraisals) and litigation support. With fourteen offices throughout North America, HREC is distinguished by unwavering commitment to client service through its team approach, intellectual capital and hotel/casino specialization.