IMH Financial Corporation entered into an agreement to acquire the hotel properties L'Auberge de Sedona and Orchards Inn.
SCOTTSDALE, ARIZ. – On March 29, 2013, IMH Financial Corporation, through various subsidiaries, entered into an agreement to acquire the hotel properties L’Auberge de Sedona and Orchards Inn, 28 residential lots in a 38-lot scenic canyon subdivision abutting the National Forest, as well as other related assets, all located in Sedona, Arizona. The terms and conditions of the agreement are more fully described in the IMH Form 10-K filed on March 29, 2013, and the IMH Form 8-K filed today, with the Securities and Exchange Commission.
Will Meris, President of IMH, had this to say: “Our relationship with the current owners of the Sedona properties has spanned several years, during which time we have provided the capital resources to renovate and enhance the hotels. We believe L’Auberge represents the pinnacle of ‘premier luxury hospitality’ and we look forward to working with the existing staff to continually exceed the expectations of hotel guests. During the ownership transition period, we anticipate working closely with the current owners and management, who will remain integrally involved with hotel operations. Additionally, IMH has retained the services of Ernst & Young’s Hospitality Specialty Practice, who will assist with our goal of maintaining and improving the national and international reach of these luxury assets.”
Al Spector, current principal owner of the hotels, lauds the support of IMH, “Through the recent recession, our relationship with IMH allowed us to complete wonderful improvements to the properties and has contributed greatly to our unrelenting objective of making L’Auberge and the Orchards the world-class destinations they are today. L’Auberge’s many awards are the legacy upon which IMH can continue to build, as they work to advance L’Auberge to a larger world stage.”
Photo caption: L’Auberge de Sedona Hotel.
