TUCSON, AZ— American Property Management Corp. of San Diego, CA has acquired the Rio Rico Resort Hotel and Country Club located just south of here from Rio Rico Properties. Purchase price for the 180 room/suite property was undisclosed. Neptune Hospitality Advisors represented American Property Management in the acquisition of the property, reportedly marking the third transaction handled by the company in the past 30 days. Although the sale price was not disclosed, it was contended the new owners plan to spend in excess of $2.5 million to improve and enhance the resort, a refurbishment that is slated to include the addition of a first-class day spa. In addition to its complement of guestroom accommodations, the resort also offers 16,000 square feet of meeting and conference space, dining facilities and a cocktail lounge, four championship lighted tennis courts and a junior Olympic swimming pool. Billed as the highlight of the resort is its Robert Trent Jones Sr.-designed 18-hole championship golf course.
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