SCOTTSDALE, AZ-KSL Capital Partners LLC, a hotel investor based in Denver, has acquired InterContinental Montelucia Resort & Spa, a 293-room resort in Scottsdale near Phoenix, for approximately $115 million from the lenders. The investor paid nearly $115 million to five banks, headed by Germany's Eurohypo AG, that foreclosed on the resort two years ago.
The Montelucia, opened in November 2008, comprises guest rooms measuring 500 square feet each. Eastdil Secured represented the Eurohypo-led banks in the sale.For the full story, go to Wall Street Journal.
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