The Adero Scottsdale Resort has recently been acquired by a new owner. The property, previously known as the CopperWynd Resort, underwent a $100 million renovation and rebrand in the late 2010s before being purchased by LionGrove for $57.5 million.
According to reports from the Phoenix Business Journal, Adero was formerly owned by Palisades Resorts but had been in receivership since December of 2023. Due to missed loan payments over several months that year, a Maricopa County judge placed the resort under receiver control. In May of 2024, Berkadia began marketing the property and after multiple rounds of bidding, LionGrove’s offer was accepted. The majority of proceeds from this sale were used to cover outstanding loans on the property while LionGrove financed their acquisition with a $52.8 million loan from Värde.
Amenities at Adero include two heated pools and sundeck area as well as an expansive 5,000-square-foot wellness studio for guests’ use during their stay at this luxurious resort destination which also features an on-site spa and restaurant along with over 16,800 square feet dedicated event spaces perfect for hosting special occasions or corporate gatherings.
This news originally appeared on Connect CRE.
