Getting your player ready...
Hotel investor KSL Capital Partners has purchased the luxury InterContinental Montelucia Resort & Spa near Phoenix from the banks that foreclosed on it two years ago, paying a price that underscores the recovery in hotel values.
Denver-based KSL paid roughly $115 million for the 293-room resort, or about 90 percent of what five banks led by German lender Eurohypo AG were owed by the Montelucia’s developer.
