On the heels of several foreclosure filings on major Phoenix area resort hotels, a smaller luxury resort in Fountain Hills has announced it is closing to the public this coming Monday. CopperWynd Resort in Fountain Hills is the victim this time of the economic downturn and the steep drop in tourism/vacation business in Phoenix. Its restaurant - named Alchemy - will also close. CopperWynd has an affiliated private spa and fitness center that will continue to serve paying members. The resort had received a four diamond rating from AAA since 2003.
No indication whether any lenders are involved in this one. The owners indicate that it will remain closed "indefinitely" and do not sound like they have plans to sell the business or property at this point. It sounds like they were running in the red every year though (even during the good times), so a buyer would need to figure out a viable business plan before re-opening the resort or converting it into a viable alternative use.
Full article from the Republic is here.
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