LionGrove acquires Scottsdale resort

SCOTTSDALE, Arizona — Puerto Rico-based LionGrove has acquired the 177-key Adero Scottsdale Resort, Autograph Collection, in Arizona. Terms of the deal were not released.

The property, which was previously known as the CopperWynd Resort before a massive renovation and expansion in the late 2010s, reopened in October 2020 after a $100 million investment. It is part of Marriott Bonvoy’s Autograph Collection, located in the Sonoran Desert and is Scottsdale’s only Dark Sky Zone resort.

In December 2023, the property was placed under the control of a receiver after its owner, Fountain Hills, Arizona-based Palisades Resorts LLC, failed to make its monthly loan payments to its lender, VMC Finance 2021 HT1 Ltd. In February 2024, GRMM Investment Fund reportedly acquired the resort for $66.5 million, according to the Phoenix Business Journal and CRE Connect. The proceeds went to the outstanding balance on the loan for the property, which was appraised at $92.4 million in 2021.

“The acquisition of Adero Scottsdale marks an exciting milestone in LionGrove’s dedication to building a portfolio of distinctive hospitality properties that create memorable and enriching guest experiences,” said Chris Sariego, senior managing director and COO of LionGrove.

The Adero Scottsdale Resort joins three properties in Puerto Rico as part of LionGrove’s portfolio: the Wyndham Grand Rio Mar Rainforest Beach & Golf Resort in Palmas Del Mar, the Wyndham Palmas Beach and Golf Boutique Resort in Rio Grand and the Fairmont El San Juan Hotel in San Juan.

“This acquisition represents LionGrove’s first hotel property in Arizona, marking an exciting milestone in our journey of growth and innovation,” said Andro Nodarse-León, CEO of LionGrove. “It underscores our commitment to strategically expanding into high-growth markets.”

Hotel Investment Today spoke with Nodarse-León in 2023. He said his company has used the booming hospitality market in Puerto Rico to fuel growth. At the time, he said he wanted to take that formula and expand into the U.S. Sunbelt by pursuing properties in Florida, Texas and Arizona.