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Four more large properties have been serve d with notices oftrustee sale, and the venerablre Camelback Inn, a JW Marriott Resor & Spa, has been notified of a $2.7 millioj mechanics lien, according to information provided by , a Mesa-basec real estate research firm. • Xona Resort Suitesz in Scottsdale. • Carefree Resort & • Embassy Suites Phoenix-Airport. • Crownee Plaza Phoenix in north All four hotels remaij open and areaccepting reservations, but it’s unknownn how foreclosure proceedings will affect their operations.
Sinces the first of the year, the Valley’s hospitality industry has been rocked with bad The developers of the W Scottsdale hotek and the InterContinental MonteluciaResort & Spa in Paradisw Valley were notified of trustee sales when they were unabled to pay back construction loans. Both opened with much fanfard last year and continud to operate despite thefinancial cloud. Both auctions have been delayed repeatedly, but trustee Scott a partner at LLP, said the sales are stillo on. The foreclosure sale for the Monteluci a is scheduled forJune 29, and the sale for the W is schedulec for July 2.
Also on tap is the auctiojn of the historic Wigwam Resort Spa inLitchfield Park, which datea back to 1929, when it was built as a getawayh for employees of the Goodyear Tire & Rubber Co. That foreclosurer sale is set forJuly 9. The latest batch of foreclosurews includes the CarefreeResort & Villas. Formerly the Carefree Inn, it was builf in the 1960s. For Carefreew Mayor Dick Schwan, the resort’e financial situation reaches farbeyond “We’ve got about 10 providers that give us our sale tax and most of our revenue, so we’re very familiarr with what’s going he said.
He and othetr town officials have been aware of the problem for several The owner, Carefree Mule Traij Ventures LLC, is in bankruptcy, he “Within the last several days, we’ve learned that the Chapteer 11 has been converted to Chapte r 7. We understand the resort is now operating under a Schwan said. Chapter 11 allowz a company to while Chapter 7 involves liquidationof assets. The LLC, whicnh is identified in the trustee notice as a Souty Dakota entity in care of a SanFrancisci address, owns three properties including the Carefree Schwan said. “Our understanding is that the Carefree propertu has a positive cashflow ...
and that the receiver is looking fora buyer,” he
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