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$1.5 billion Ritz-Carlton, Paradise Valley, Arizona Gets Green Light to Build (United States)

$1.5 billion Ritz-Carlton, Paradise Valley, Arizona Gets Green Light to Build (United States)

Category: North America & West Indies / Carribean islands - United States - Industry economy - Hotel projects
This is a press release selected by our editorial committee and published online for free on 2008-04-17

First of its Kind Master-planned Community to Debut in Arizona

In a unanimous vote last week
by the Town Council, the Paradise Valley portion of The Ritz-Carlton,
Paradise Valley received approval to build, setting the stage for the first
luxury resort master-planned community of its kind in the world under The
Ritz-Carlton brand.

The approved 110 acres of this 123-acre, $1.5 billion development
includes a 225-room Ritz-Carlton hotel, which will be surrounded by a
residential community of single-family homes including villas, estate homes
and one-acre estate homesites all of which will be branded and serviced by
The Ritz-Carlton.

"This location is one of the most prime pieces of undeveloped real
estate in North America, and I've always had a vision that something
legendary was meant to be here. We now have approval to move forward on
this one-of-a-kind community and make history for Arizona and The
Ritz-Carlton," said Jerry Ayoub, president and CEO of Five Star Development
Group, Inc., the developer of the project.

An adjoining mixed-use component is still to be planned along the
Scottsdale portion of the site and is expected to include high-end retail,
restaurants, residential and a proposed "Edition" hotel, the new boutique
hotel brand by Ian Schrager and Marriott International.

Located on the west side of Scottsdale Road between Lincoln Drive and
Indian Bend Road, the site is situated in both Scottsdale and Paradise
Valley and is the last large, undeveloped land parcel within these
prestigious areas.

Prices for the whole-ownership residences will start in the low $2
millions and expressions of interest to purchase are now being accepted,
with sales expected in early June. All residents of the community will
enjoy membership in The Ritz-Carlton Residences Program, including access
to the hotel's services and amenities including the day spa, fitness
center, private chef service, an around-the-clock concierge team, room
service and valet parking.

"The number of inquiries about the development's ownership
opportunities on a local, national and even international level has been
overwhelming. Calls and e-mails come in every day with people interested in
being part of the first Ritz-Carlton master-planned community," said
Brendan Mann of S&P Destination Properties, sales director for the project.
"It's a limited opportunity within a prestigious city known around the
globe as a top resort destination. Potential homebuyers see this as a
collectible piece of real estate."

S&P Destination Properties, a resort and luxury real estate company
based in Vancouver, Canada, has been hired to manage the residential sales
and marketing for the community. The company's most recent success was at
The Ritz-Carlton, Kapalua last month where they sold $176 million in luxury
real estate in one day with home prices averaging $1.9 million.

Construction for The Ritz-Carlton, Paradise Valley is slated to begin
this summer with completion for the entire master-planned community and
hotel expected Fall 2010.

Five Star Development will own and develop the project. The
Ritz-Carlton Hotel Company, L.L.C. will operate the hotel and community
under long-term management agreements.

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