Second luxury Scottsdale resort follows W into foreclosure

02/11/2009 | GlobeSt.com

Just weeks after news that the W Hotel Scottsdale, in Arizona, was going into foreclosure comes news of a similar fate for another luxury resort in Scottsdale, the InterContinental Montelucia Resort & Spa. The 293-room property, which also has 34 residential villas, just opened in the autumn, but the owners, Irvine, Calif.-based Crown Realty & Development, are reportedly having trouble with a $185 million mortgage, and experts say more resorts in the area could soon follow.

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