Arizona Biltmore, JW Marriott Desert Ridge resorts sold

Three Valley resort properties have recently changed hands. In the wake of the sales, the Arizona Biltmore Resort and Spa is among a handful of properties that have been put into Chapter 11 bankruptcy reorganization by a group called CNL-AB LLC. The group is a venture of Paulson & Co. Inc., a joint venture affiliated with Winthrop Realty Trust, and affiliates of Capital Trust, Inc. All three have offices in New York and are focused on the real estate investment business. The group bought eight resorts, including the Arizona Biltmore Resort and Spa and The JW Marriott Desert Ridge Resort and Spa -- both in Phoenix. The other resort buys were in Hawaii, California and Florida. While the group bought the eight properties, it filed Chapter 11 on five of them, including the Arizona Biltmore Resort and Spa. The joint venture acquired the portfolio through a foreclosure proceeding on January 28, 2011. The former owner of the properties was MS Resorts. While the ownership has changed, officials with CNL-AB LLC said in a press statement that the day-to-day operations of the properties would remain the same.

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