Texas Buyer Found for Adero Scottsdale Resort in Receivership

Article originally posted on Phoenix Business Journal on February 13, 2024

After being placed in a receivership following its ownership’s failure to make mortgage payments, a buyer has been lined up to acquire the Adero Scottsdale resort.

The 177-room property in Fountain Hills, which used to be the CopperWynd Resort before a massive renovation and expansion took place in the late 2010s, is set to be sold for $66.5 million, according to documents filed earlier this month with Arizona Superior Court in Maricopa County.

If the deal is approved, the hotel will be bought by Cabo Resort Development Partners LLC – a Wyoming limited liability company owned by Texas-based GRMM Hotel Investment Fund. GRMM is a hotel acquisition fund that acquires and operates “exceptional hotels around the world,” according to its website. The company could not be reached for comment.