Scottsdale-based Lyle Anderson Cos. said Monday it has lost control of the Superstition Mountain Golf and Country Club near Gold Canyon as well as three other resort properties it owns in New Mexico, Hawaii and Scotland.
Management of the high-end resorts has reportedly been taken over by the lender in the projects, the Bank of Scotland, and handed to the management firm Oasis Management Resources. However, Anderson Cos. reportedly maintains ownership of the communities, and the firm said in a statement Monday that it is seeking new capital to further develop the properties.
The affected resorts in addition to Superstition Mountain are Las Campanas in New Mexico, Hokuli'a in Hawaii and Loch Lomond Golf Club in Scotland.
"While we truly regret the changes at these properties that have come amidst unprecedented, negative conditions in the financial world, my companies and their developments have weathered a number of real estate cycles over the years and have always emerged in a stronger position after each," said Chairman Lyle Anderson in a written statement. "We are determined to do the same thing now."
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Representatives of Lyle Anderson Cos., Oasis Management and Bank of Scotland could not be reached or declined to comment further Monday.
Anderson also developed the Desert Highlands and Desert Mountain communities in north Scottsdale, which are not affected by the action.
In his statement, Anderson said he was working "to put together a capital structure in which my companies can participate in taking the properties . . . forward as envisioned." He said the four developments "have immense intrinsic value over time because of their superb locations and uniqueness in their respective markets."
He also said his company will focus on continuing development of its other resorts not connected with the Bank of Scotland action and on further land investments.
Anderson said he had been seeking additional capital during the past two years for the four properties by bringing in new equity or debt/equity participants.
"We were then hit by the declines and subsequent chaos in the debt and equity markets at a time when several large investors were in the midst of their due diligence ... in late 2007 and early 2008," he said. "These discussions are ongoing, and a number of the investors still express strong interest given the quality and long-term value of the properties."