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by Lisa Grimaldi | January 27, 2010

The Montelucia Resort & Spa in Paradise Valley, Ariz., which went into foreclosure a year ago, has been purchased by German bank EuroHypo AG. The property, which has 253 guest rooms and 40 suites, opened in late 2008 and is InterContinental Hotels Group’s first U.S. resort. The property has 27,000 square feet of meeting space; 70,000 square feet of outdoor function space; six restaurants; and the Joya Spa, with 19 treatment rooms and a fitness center.