KSL Buys Foreclosed InterContinental in Scottsdale
From Phoenix Business Journal:
New Owners Will Drop InterContinental Brand
Denver private-equity firm KSL Capital Partners LLC has purchased the InterContinental Montelucia Resort & Spa, a 293-room luxury property in Scottsdale, Ariz., near Phoenix. A statement Monday from KSL did not indicated the seller or the purchase price. However, the Wall Street Journal reports that KSL paid $115 million to five banks, led by Germany's Eurohypo AG, that foreclosed on the property two years ago, shortly after it opened in late 2008. Click here for the full story.
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