KSL Capital Partners has bought the InterContinental Montelucia Resort & Spa in Arizona. The private equity firm paid around $115 million for the resort to the banks that foreclosed on it two years ago, adds The Wall Street Journal. The Colorado-based firm will replace InterContinental Hotels Group as the resort’s manager and will drop InterContinental from its name. The resort will remain an InterContinental Alliance Resort, keeping it in InterContinental’s reservation system.

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