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

File photo of Border Patrol agent in Arizona...

Damon Allred

Former U.S. border patrol agent sentenced to 18 years in prison for bribery and drug smuggling

A Buckeye man who served as a United States border patrol agent was sentenced to 18 years in prison and five years of supervised release.

1 hour ago

Phoenix Rescue Mission...

KTAR.com

Phoenix Rescue Mission readies annual heat relief campaign

With the summer heat nearing, Phoenix Rescue Mission is launching its annual heat relief campaign to assist unhoused and at-risk individuals.

3 hours ago

(AP Photo)...

KTAR.com

Northbound Loop 101 on-ramp at Shea Boulevard to close for 2 months

The northbound Loop 101 on-ramp at Shea Boulevard in Scottsdale is scheduled to be closed for approximately 60 days, starting Monday.

5 hours ago

Hildale, Utah, is pictured sitting at the base of Red Rock Cliff mountains, with its sister city, C...

Associated Press

Guilty plea by leader of polygamous sect near the Arizona-Utah border is at risk of being thrown out

A guilty plea by the leader of an offshoot polygamous sect near the Arizona-Utah border is at risk of being thrown out.

7 hours ago

Picture of the Mitsubishi Montero that Phoenix police suspect hit an 11-year-old girl in a crosswal...

Damon Allred

Hit-and-run suspect sought in Phoenix after injuring child walking in crosswalk

Officers are searching for a hit-and-run suspect who hit an 11-year-old girl walking in a school crosswalk on Friday, Phoenix PD said.

10 hours ago

(Facebook Photo/Phoenix Police Department)...

KTAR.com

2 men die, another critically injured in south Phoenix shooting

Detectives are investigating a shooting that left two dead and another seriously injured in south Phoenix, police said.

12 hours ago

Sponsored Articles

...

Fiesta Bowl Foundation

The 51st annual Vrbo Fiesta Bowl Parade is excitingly upon us

The 51st annual Vrbo Fiesta Bowl Parade presented by Lerner & Rowe is upon us! The attraction honors Arizona and the history of the game.

(KTAR News Graphic)...

Boys & Girls Clubs

KTAR launches online holiday auction benefitting Boys & Girls Clubs of the Valley

KTAR is teaming up with The Boys & Girls Clubs of the Valley for a holiday auction benefitting thousands of Valley kids.

...

Day & Night Air Conditioning, Heating and Plumbing

Valley residents should be mindful of plumbing ahead of holidays

With Halloween in the rear-view and more holidays coming up, Day & Night recommends that Valley residents prepare accordingly.

Texas buyer found for Adero Scottsdale resort in receivership