After just a little more than a year in business and despite drawing a roster of buzzworthy guests, including Jay-Z and President Barack Obama, the InterContinental Montelucia Resort & Spa in Scottsdale, Ariz., is in the hands of its lenders.
German lender Eurohypo AG in March 2009 sued to foreclose on the 293-room resort after developer Crown Realty & Development Corp. defaulted on its $150 million construction loan. The completion of the foreclosure on Wednesday left the resort in Eurohypo’s hands, according to InterContinental Hotels Group, which will continue to manage the resort.
Read more:
