San Diego Business Journal

La Jolla Investment Firm Acquires Arizona Golf Resort

Monday, February 11, 2013

Investment firm Interwest Capital Corp. of La Jolla has purchased the 249-room Crowne Plaza San Marcos Golf Resort hotel in Chandler, Ariz., for $11 million.

The nearly century-old property was acquired from Guaranty Bank and Trust Co., which foreclosed in 2011 on a loan held by the property’s prior owner.

An Interwest statement said the company plans a multimillion-dollar renovation of the property, built in 1913 in the eastern Phoenix suburb as Arizona’s first golf resort. The acquisition included an 18-hole golf course adjacent to the hotel.

Interwest said it has hired an affiliate of GF Management Inc. of Philadelphia to manage the property.

Interwest Capital Corp., formed in 2003, is a private equity firm with a national portfolio of nearly 1,000 hotel rooms and more than 2,000 apartment units, including the Viridian apartment building in the Gaslamp Quarter.

— SDBJ Staff Report