Hotels are slashing rates to attract customers. However, it's not working and Resorts are Suffering From Financial Strains . From Arizona Central ... A glut of empty rooms and panic pricing are taking a serious toll on hotel and resort owners in the Phoenix area. Foreclosure proceedings were initiated against seven financially squeezed properties, two of them brand new, in the first half of the year. That's just one less than in all of 2008 and more than double the number in 2007, according t