>Hotel Foreclosure of the Day: Scottsdale’s Montelucia Resort

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>After just a little more than a year in business and despite drawing a roster of buzzworthy guests, including Jay-Z and President Barack Obama, the InterContinental Montelucia Resort & Spa in Scottsdale, Ariz., is in the hands of its lenders.

German lender Eurohypo AG in March 2009 sued to foreclose on the 293-room resort after developer Crown Realty & Development Corp. defaulted on its $150 million construction loan. The completion of the foreclosure on Wednesday left the resort in Eurohypo’s hands, according to InterContinental Hotels Group, which will continue to manage the resort.

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