KSL Capital Partners has acquired the InterContinental Montelucia Resort & Spa in Scottsdale, Arizona, for $115 million. According to Real Capital Analytics, the Denver-based hospitality private equity firm purchased the 293-unit resort from a group of banks led by Eurohypo at a price that works out to $438,931 per key.
According to KSL, following the acquisition, the property will be renamed Montelucia Resort & Spa and operate as an independent luxury resort. The resort will be run by the firm’s management affiliate KSL Resorts, which managed the Arizona Biltmore Resort & Spa from 2000 to 2006.
“One of our major objectives over the past few years was to re-enter the Arizona market with a marquis resort,” said Scott Delacio, president and chief executive of KSL Resorts, in a statement. “We know this market well and believe KSL Resorts management will benefit the resort in its efforts to reach its full potential.”
Opened in 2008, the Montelucia Resort has five pools, six dining options, a 31,000-square-foot spa and more than 90,000 square feet of indoor and outdoor meeting space. The New York branch of Eurohypo took ownership of the property via foreclosure in January 2010 when the resort's developer, Crown Realty Development, ran into trouble in the wake of the credit crunch, ultimately defaulting on its $180 million loan.