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.

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Texas buyer found for Adero Scottsdale resort in receivership