ARIZONA NEWS

Texas buyer found for Adero Scottsdale resort in receivership

Feb 20, 2024, 4:05 AM

The Adero Scottsdale resort in Fountain Hills, Arizona. (Adero Scottsdale Photo)...

The Adero Scottsdale resort in Fountain Hills, Arizona. (Adero Scottsdale Photo)

(Adero Scottsdale Photo)

After being placed in a receivership following its ownership’s failure to make mortgage payments, a buyer has been lined up to acquire the Adero Scottsdale resort.

The 177-room property in Fountain Hills, which used to be the CopperWynd Resort before a massive renovation and expansion took place in the late 2010s, is set to be sold for $66.5 million, according to documents filed earlier this month with Arizona Superior Court in Maricopa County.

If the deal is approved, the hotel will be bought by Cabo Resort Development Partners LLC – a Wyoming limited liability company owned by Texas-based GRMM Hotel Investment Fund. GRMM is a hotel acquisition fund that acquires and operates “exceptional hotels around the world,” according to its website. The company could not be reached for comment.

In December, a Maricopa County judge placed Adero Scottsdale under the control of a receiver after its owner – Palisades Resorts LLC – failed to make its monthly loan payments in August, September and October, according to a legal complaint filed in October by lender VMC Finance 2021 HT1 Ltd.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

Valley events calendar...

KTAR.com

Valley events calendar: Here’s a rundown of things to do around metro Phoenix

Our Valley events calendar keeps you up to date on the wide variety of activities across the Phoenix area.

35 minutes ago

The evacuation order for the Brady Fire was lifte on Wednesday....

KTAR.com

Evacuation order lifted for residents near Brady Fire south of Prescott

The evacuation order for a community threatened by the Brady Fire south of Prescott was lifted on Wednesday evening, authorities said.

2 hours ago

off-road vehicle crash...

Kevin Stone

2nd teen in off-road vehicle crash at Phoenix canal has died

The second teen involved in an off-road vehicle crash at a Phoenix canal last week has died, authorities announced Wednesday.

3 hours ago

Two men were injured on Wednesday night when a suspect opened fire at a group of unsheltered people...

Kevin Stone

Suspect opens fire at unsheltered people at Tempe park, injuring 3

Three people were injured on Wednesday night when a suspect opened fire at a group of unsheltered people in Tempe, authorities said.

3 hours ago

A confiscated firearm is seen sitting on a table at Phoenix Sky Harbor International Airport on Feb...

Serena O'Sullivan

Phoenix Sky Harbor hopes to cut down on amount of firearms in security checkpoints this year

Phoenix Sky Harbor International Airport officials are trying to educate passengers on how to at properly travel with firearms.

5 hours ago

The Phoenix Zoo announced a new habitat 'Big Cats of Arizona: A Bridge to Arizona Wilderness' will ...

Bailey Leasure

Big cats of Arizona habitat set to open at Phoenix Zoo

The Phoenix Zoo announced a new habitat 'Big Cats of Arizona: A Bridge to Arizona Wilderness' will be opening at the zoo in April. 

5 hours ago

Sponsored Articles

...

Fiesta Bowl Foundation

Join us for the 52nd annual Vrbo Fiesta Bowl Parade

The 52nd annual Vrbo Fiesta Bowl Parade presented by Lerner & Rowe returns on Saturday, December 28, at 10 a.m.

...

The UPS Store

How The UPS Store is giving back to the community

PHOENIX -- As 2024 nears a close, The UPS Store is looking to give back to the Arizona community with the holiday season approaching.

...

Day & Night Air Conditioning, Heating and Plumbing

Why a Heating Tune-Up is Essential Before Winter

PHOENIX, AZ — With cooler weather on the horizon, making sure your heating system is prepped and ready can make all the difference in staying comfortable this winter.

Texas buyer found for Adero Scottsdale resort in receivership