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According to a notice of trustee’x sale filed Jan. 26 with the Maricopaz County Recorder’s Office, development firm Inc. of Southerjn California defaulted on a promissory notefor $180 million. In a writte n statement released Friday afternoon by theMartzz Agency, Crown’s public relations the foreclosure action does not include multimillion-dollar homes that alreadh have been purchased within the exclusive development. The statemenrt confirms that “the lender behinds Montelucia has filed a notice of defaul and began foreclosure proceedings agains tthe property, resort and unsold villas.
Crown has workeed diligently to avoid this outcome and will continue these efforts toavoicd foreclosure.” The foreclosure sale, which will be conducted by appointeed trustee Scott Klundt of the Phoenixd law office of Quarle & Brady LLP, is set for April 29. Attemptzs to reach Klundt were unsuccessful. It is unknown whethert the action will result in liens or other encumbrances beingf placed onprivate homes. Robert president and CEO of spent five years redeveloping the former site of La Posads resort at the southeast cornerr of Lincoln Drive andTatum Boulevard. The resort reopened to much fanfarr in early November under theInterContinentalk brand.
The 34-acre resort features 253 guest rooms, 40 five pools, 27,000 squared feet of meeting space, two signaturer restaurants anda 31,000-square-foot spa. The foreclosure action will not disrupty operations atthe resort, according to Valeriano managing director of the Montelucia. “It’s businesxs as usual. The issuanced of the notice does not in any way impacty our ability to serve our guests or the operations of the This is simply a legal mattee between the owner andits lender,” Antonioli said. Several weeks ago, another new high-end Valleg hotel was served with a noticwof foreclosure.
The developers of the W Scottsdalre were notified thattheir lender, HSN Nordbank AG, New York was foreclosing on that properthy because of a default on a $73 million , the operator of the W brand, confirmed the hotelo would continue to operate withouf disruption while the matter is sortefd out. Meanwhile, Flaxman also had planned to redevelol the Mountain Shadows Resort abouy a mile east ofthe Montelucia, but disclosedd late last year that he had decided to sell the Last week, he announced he had negotiated a “bindiny memorandum of understanding” with Paradise Valley businessmanh Chris Haver and partnee Dodd Mitchell to turn over the Mountain Shadowa redevelopment process.
No financia l specifics were released.
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