A Maricopa County Superior Court judge has placed the Adero Scottsdale Resort in Fountain Hills under the control of a receiver, citing delinquent mortgage payments dating back to mid-year, according to a report in the Phoenix Business Journal.
Receivership is used as an alternative to bankruptcy to allow creditors to obtain relief in difficult financial circumstances.
Adero Scottsdale is the primary resort property in Fountain Hills doing business as a Marriott Autograph Collection. It has approximately 170 rooms after completion of a major expansion in 2020. Until 2017 the property operated as CopperWynd Resort. It was purchased by Palisades Resorts, LLC, owned by Bill Hinz, Jeffery Brown and Sarah Nolan in 2015 for a reported $6.7 million prior to the renovation. Post expansion in 2021 the resort was valued at $92.4 million for tax purposes, according to the Business Journal.
