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by Sarah J.F. Braley | May 25, 2011

 KSL Capital Partners, a private-equity firm, has purchased the 293-room InterContinental Montelucia Resort and Spa in Scottsdale, Ariz. The deal's price was $115 million, according to the Wall Street Journal, 90 percent of the amount five banks were owed by the Montelucia's developer. The Journal sees the purchase price as a sign of the industry's recovery. The property features five pools, six dining options, the 31,000-square-foot Joya Spa, and more than 90,000 square feet of indoor and outdoor meeting space. The Montelucia will drop the InterContinental moniker but continue to be affiliated with the brand as an InterContinental Alliance Resort.