Chandler - San Marcos Hotel LLC, a company formed by Interwest Capital Corp. in La Jolla, Calif. (Shahyar Zayanderoudi, aka: Alex Roudi, manager), paid $11 million ($44,176 per room) to buy the 249-room Crowne Plaza San Marcos Gold Resort. The seller was CP San Marcos LLC, a company formed by Guaranty Bank and Trust Co.. in Denver, Colo. The buyer acquired the hospitality asset with a $14 million loan from the seller. Interwest Capital Corp. intends to make significant upgrades to the resort, which was originally built in 1912. The escrow on the sale was handled through Kristina Hannan of Thomas Title & Escrow LLC in Scottsdale. The resort has 35,000 sq. ft. of meeting facilities, and a full-service restaurant and lounge. There are also 46 casitas that have not been operational. The previous owner of the historic hotel lost the property to foreclosure. Guaranty Bank and Trust made a credit bid of $16.5 million to the resort at a trustee's sale in December 2011. San Marcos Capital Partners L.P. in Denver, Colo. (Joseph Witt, Jr., Jeff Witt, Robert Bigelow, principals) was the previous owner and filed for bankruptcy protection in 2011, to try and stave off the foreclosure. The new owner has hired GF Management of Philadelphia, Pa. to manage the 100-year-old hotel.
Interwest Capital has been an active investor in the Valley. In May 2012, BREW reported the company teaming up with New York City, N.Y.-based Angelo, Gordon & Co. and paying $46.5 million ($70,455 per unit) to buy the 660-unit Haven apartments located at 1440 E. Broadway Road in Tempe. According to its website, Interwest Capital Corp. acquires multi-family, office, hospitality, retail, industrial and land located across the U.S. The company also buys performing and non-performing loans secured by real estate. Interwest Capital Corp. is interested in acquiring more multi-family projects in the Valley as well as hospitality properties. Interwest Capital also has an interest in a 901-acre community west of Phoenix called Desert Whisper. Learn more from Roudi at (858) 622-4900.
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