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Tags: Real, Estate, Bust.

When Goldman Sachs (GS) sold complex bonds backed by the Arizona Grand Resort and other commercial properties in 2006, it suggested the returns would be strong. The 164-acre luxury Arizona Grand, set against the Sonoran Desert in Phoenix, boasted an award-winning golf course, deluxe spa, and several swank restaurants. The on-site water park was named one of the best in the country by the Travel Channel. With the resort's new owners planning to refurbish hotel rooms and common areas, Goldman told investors that the renovations would help boost cash flow.

 

Submitted: Nov 6, 2009    Views: 70    Comments: 0    Likes: 2   


View Article: http://www.businessweek.com/magazine/content/09_46/b4155042792563.htm


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