Wigwam Resort, Biltmore courses facing auction

The Phoenix area’s 80-year-old Wigwam Resort with its three 18-hole golf courses and its accompanying two Arizona Biltmore courses are facing a public auction on July 9 following a default by the properties’ ownership on a $65 million loan from Citigroup Global Markets Realty Corp.
Owner Kabuto Arizona Properties reportedly defaulted on the Citigroup loan in November, after spending approximately half of the loan amount on additions and renovations at the Wigwam and the Biltmore courses.
The city of Litchfield Park, where The Wigwam and the courses are located, is reportedly helping to seek a buyer for the properties prior to the auction date. The Wigwam will also need a new operator as of May 29 — current operator Starwood Hotels and Resorts Worldwide has notified Kabuto, Citigroup and the city of Litchfield Park that it will not renew its operating lease due to unresolved issues with Kabuto Arizona Properties.
While the resort and the golf courses are currently conducting business as usual, the fate of the resort’s 330 employees is up in the air, although Litchfield Park officials have expressed confidence that most or all will retain their jobs under new ownership. 

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