Jeffry Scott / arizona daily star 2007

Other articles by Gabriela Rico:

Casino-resort plan backed Asarco offers $1.1B for cleanupsTucson's Asarco would pay $1.1B to settle environmental claims nationwideWind-farm parts rolling throughFirst Magnus executives are sued for $1 billion Traen subasta de autos clásicos Collector-car auction at the TCC: Gaze longingly or bring fat walletGem-show vendors lament Tucson's lack of flightsO'odham to build largest AZ casino-resort near Glendale Cierran dos populares restaurantes

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Komatsu Equipment Co
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Arizona investors in a hotel-condominium complex in Puerto Peñasco say they are still awaiting a promised refund from the owners, whose beachfront rooms were unavailable for use.

Arizona regulators, meanwhile, have given the property's Sonora operators until March 4 to reimburse investors or they may not be allowed to advertise their upcoming development in Arizona.

In May, the owner of Fiesta de Cortez development was issued a "cease and desist" order after nearly a dozen investors complained that their property was never turned over despite deposits or advances totaling $378,318, according to a complaint filed with the Arizona Department of Real Estate.

In 2001, Tucson couple Eva and Francisco Durazo paid $8,500 for the right to use one of the condominiums 10 days a year for 10 years. Since their last visit to Fiesta de Cortez in April 2006, they have been unable to book a room or get their money back.

In a letter dated Oct. 19, the Durazos were assured that they would receive a $2,500 refund in two equal payments in December and January.

To date, they have not received any money, Francisco Durazo said Monday.

"They're playing games," he said. "I've been promised so many things . . . but nothing has materialized."

Last fall, the Fiesta de Cortez corporation was dissolved and property owner Ignacio Chavez Moran filed for a name change to Golden Hill Boutique Resort. The complex is undergoing a face-lift and expansion, said Gustavo Puentes, the project's Puerto Peñasco-based marketing coordinator.

Josephine Work, the Phoenix-based human relations manager for Golden Hill, said four investors are owed refunds and the checks are being processed.

"We are trying to resolve all of the problems," she said. "Once we start the construction and expansion . . . we don't want to have problems. I will be taking care of this. There's no question."

The new development will feature elegant suites for purchase or time-share, Puentes said. The plan is to gut and remodel the existing building on Golden Beach and add more rooms on recently purchased adjacent land. Puentes did not know how many rooms or what features would be added.

"It's an ambitious project," he said. "We're going to elevate the quality."

The hope is to have the property open in the fall.

Previous investors, including the Durazos, were offered rooms in the upcoming resort.

But Francisco Durazo is not interested.

"Absolutely not. I will not go back there," he said. "We got burned out with those people."