It is also the only hotel on the Scottsdale Historic Register.
"Obviously, we're extremely excited about the Valley Ho because of its historical significance," said Laura McMurchie, Scottsdale Convention and Visitors Bureau spokeswoman.
The 194-room hotel also complements the James Hotel, which opened downtown nearly two years ago, and the W Scottsdale Hotel, she said.
The W just started construction southeast of Scottsdale and Camelback roads and should be finished by early 2007.
All three hotels are aimed at travelers looking for more stylish accommodations, with lively lounges and a vibrant pool-deck scene. The Valley Ho's circular courtyard pool, cabanas and outdoor bar are intended to be a focal point of the hotel experience.
Scottsdale-based Westroc Hospitality has painstakingly refurbished the hotel, added a seven-story tower, health spa and a list of 21st-century amenities.
Valley Ho, which turns 50 next year, is among the city's oldest hotels. One of its downtown contemporaries, the Safari Hotel east of Scottsdale Fashion Square, was razed years ago.
Westroc partners Bill Nassikas and Scott Lyon looked all over the Valley for a mid-century hotel that had not been extensively remodeled. They settled on the Valley Ho and bought it in May 2002 just before the rundown hotel was headed for foreclosure.
The aging property sat forlorn for two years while Westroc got city approvals, financing and completed its design for the hotel. Allen + Philp Architects of Scottsdale designed the project. Kitchell Contractors, the original builder 50 years ago, is completing the renovation.
Westroc has nearly doubled the hotel's size to about 220,000 square feet. The tower, with 37 luxury condominiums and a rooftop deck for events, was part of the original design but was never built.
Work will continue on the condo interiors, which should be finished a year from now, said Andrew Chippindall, Valley Ho general manager.
Chippindall, a native of Melbourne, Australia, previously worked at Westroc's Sanctuary on Camelback resort in Paradise Valley and the James Hotel.
During a recent hard-hat tour of the hotel, the general manager praised the efforts of hundreds of workers who are scrambling to finish construction on time.
"Early on, we had to explain to them that we're not building a Motel 6 or EconoLodge," he said. "This is an urban high-end resort and we needed all the subcontractors to buy into our vision."
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