Buyer Purchases Distressed Scottsdale Resort

Last December, a Maricopa County judge placed Adero Scottsdale under the control of a receiver after its owner, Palisades Resorts, stopped making payments. Since then GRMM Investment Fund offered to buy the 177-room hotel, formerly knows as the CopperWynd Resort, for $66.5 million. The proceeds will go toward the outstanding balance on the loan. In 2021, the county assessed the property at $92.4 million for tax purposes.

The Phoenix Business Journal reports GRMM agreed to keep all current employees at the Adero property, and it will continue under the franchise agreement with Marriott International Inc. When the property changed from the CopperWynd to Adero, the new branding came with an agreement with Marriott to put the property in the company’s Autograph Collection.

The property has views of Arizona’s famed Four Peaks and McDowell Mountain Range. The resort has a signature restaurant as well as two outdoor pools and 24-hour hotel fitness center.