Posts Tagged ‘Resorts’

2nd June
2009
written by JHiggins

Seems like a case of too much leverage, too much supply and a decline in tourism landed 6 Phoenix developers in major hot water.

Read the Wall Street Journal article HERE.

Southern Arizona’s La Paloma and JW Marriott Starr Pass changed hands in the last few years.

Word is La Paloma’s financing deal was predicated on a 10 to 15% increase in revenues (that didn’t happen). A deal between lenders and NCH Corporation has been worked out and the new owners live for another day.  The next hurdle is that major room and amenities upgrades are long over due. The remodel was part of the original plan but given the current market conditions an over haul is unlikely.

The La Paloma sale info HERE.

The Starr Pass refi info HERE.

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