BANKING
From Times Staff and Wire Reports
Lincoln Resort Sold at a Loss: The Phoenician Resort in Scottsdale, Ariz., the most luxurious and spectacular of Lincoln Savings & Loan’s holdings and a symbol of the industry’s extravagance, has been sold to Kuwait at a loss. The Kuwaiti Investment Office--which already has a 45% stake in the company that owns the Phoenician and the Crescent Hotel in Phoenix--bought out the remaining interest from the Resolution Trust Corp. for $111.5 million. The transaction results in a loss to taxpayers of $66.5 million on the hotels.
