Local hotel industry insiders say Montelucia, the $200 million reincarnation of sprawling Paradise Valley resort La Posada, will debut as an InterContinental when it welcomes guests in late 2007.
Rumor has it that ownerdeveloper Crown Realty & Development has dumped West Paces Hotel Group for the British-based luxury brand. InterContinental is one of the few internationally known tony hotel names still missing in the Scottsdale area’s luxury lodging corridor. The company peddles fancy beds not only in the United States but in Paris, Geneva, London, Berlin, Singapore, Tokyo and Hong Kong.
Atlanta-based West Paces is small but could claim the same posh pedigree. It was founded by former Ritz-Carlton chief Horst Schulze
and other Ritz execs.
Crown president Robert Flaxman and Schulze announced in July that Montelucia would be the flagship property for a new ultraupscale collection of West Paces hotels dubbed Solis. Now Montelucia has quietly disappeared from West Paces promotional info. Inquiries are met with: We are no longer involved in that property.
A Crown spokesman denied the company has a done deal with InterContinental, but he admitted Crown had been talking with several luxury hotel companies lobbying to brand the posh property.
It’s pretty difficult to feel sorry for John Landon, former co-chairman and CEO at Scottsdale-based Meritage Homes.
Sure the board of directors decided last week to abandon Meritage’s dual chairman and CEO structure by appointing Steven Hilton the sole chairman and chief executive. That led to Landon’s resignation.
But in a filing with the Securities and Exchange Commission, we learn Landon is entitled to a payment of $10 million payable in equal monthly installments over the course of two years.
He will also see an acceleration of all outstanding stock options that were granted to him after his employment agreement, which was July 1, 2003. Landon has about 1,963,000 shares in the company, worth about $105 million, using Meritage’s closing stock price Tuesday.
The filing also showed Landon wasn’t the only executive to leave the company. Richard Morgan left his position as treasurer.
SUGAR SUPER BOWL
What do the Super Bowl and hand-mixed ice cream have in common? Not much really, but the Arizona Super Bowl XLII Host Committee is moving into the headquarters of Cold Stone Creamery on the Salt River Pima-Maricopa Indian Community east of Scottsdale. While the game will be played on the other side of town on Feb. 3, 2008, the game’s brain trust will be stationed in the East Valley.
- Staff writer Donna Hogan contributed to this report.