Historic Arizona golf resort may be in danger of foreclosure
The oldest golf course in the state of Arizona, founded the same year the state entered the union, may now face foreclosure after defaulting on its financial commitments. Investors in the 97-year-old Crowne Plaza San Marcos Golf Resort recently defaulted on a $23.9 million loan from Guaranty Bank and Trust Co., according to the Maricopa County Superior Court. The court appointed Smiling Hospitality as the receiver to oversee the resort until financial issues are resolved, a sale occurs, or a notice of foreclosure is filed. The resort is still in business, will continue to pay its employees and serve its guests, said Kirby Payne of the HVS Capital Group, which has been retained to manage the hotel on behalf of the receivership. "We have sales people still booking business and the resort will remain open as usual without any impact" Payne said. "Our job is to overlook operations on the property until a resolution is reached between the bank and borrowers." The San Marcos Capital partners purchased the resort for $13.6 million in 2004 and, over the years, their debt increased to $23 million. In 2006, the resort was renovated after becoming a part of the Crowne Plaza chain. Attempts to confirm information in a report in The Arizona Republic with San Marcos Golf Resort Hotel manager and resort investor, Darleen Heavlin, proved unsuccessful. In that report, Denver-based Jeff Witt was identified as a real-estate investor. The Guaranty Bank and Trust Co. based in Denver said they do not have any record of the $23.9 million loan default. Ariana Garza is an editorial assistant at HousingWire. Additional reporting by Jacob Gaffney.