KSL Capital buys InterContinental Montelucia Resort, drops flag

SCOTTSDALE, ARIZONA KSL Capital Partners LLC has acquired the 293-key InterContinental Montelucia Resort & Spa in Scottsdale.

The purchase price has been reported at US$115 million, or about US$392,000 per key. The seller is a group of banks led by Eurohypo AG, which acquired the resort in a 2009 foreclosure.

KSL Resorts takes over management of the resort from InterContinental Hotels & Resorts. The property will lose the InterContinental flag but will remain affiliated with IHG as an InterContinental Alliance Resort. Montelucia becomes the third InterContinental Allican Resort, joining Las Vegas Strip properties The Venetian and The Palazzo.

Opened in 2008, Montelucia features five pools, six restaurants, a 31,000-sq.-ft. Joya Spa and more than 90,000 sq. ft. of indoor and outdoor meeting space.

“Montelucia Resort & Spa has quickly become the preeminent luxury resort in the Scottsdale area, offering the services and amenities that today’s travelers demand in an unparalleled setting,” says Bernard Siegel, principal at KSL Capital Partners. “Moreover, Scottsdale is one of the most desirable vacation spots in the United States. The combination of management by KSL Resorts and being an InterContinental Alliance Resort will bring a whole new level of luxury and service to the market.”