CHANDLER, AZ-Business Real Estate Weekly of Arizona reports that Interwest Capital Corp., operating under the name San Marcos Hotel LLC, has paid $11 million to buy the 249-room Crowne Plaza San Marcos Gold Resort. The La Jolla, CA investor bought the 100-year-old hotel from CP San Marcos LLC, an entity created by Guaranty Bank and Trust Co. in Denver.
The article notes that the buyer had help in buying the asset at 1 W. San Marcus Dr. with a $14 million loan from the seller. Though the resort is still running normally, 46 casitas have not been operational. Interwest plans significant upgrades to the property and hired GF Management of Philadelphia to manage the property.
The San Marcus went into receivership in late 2010. Guaranty Bank foreclosed on the asset in December 2011 at a trustee’s sale, during which the bank bid $16.5 million for the property. San Marcos Capital Partners LP in Denver was the previous owner and filed for bankruptcy protection in 2011 to try and stave off the foreclosure.