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Ritz-Carlton Community to Debut in ScottsdaleJuly 9, 2007 By: Dan Butcher Travel Agent
$1.5 billion mixed-use project to include resort and residences
A new type of luxury community is coming to
a price tag of $1.5 billion. Five Star Development has announced the
acquisition of a 123-acre site on the
Ritz-Carlton Community and mixed-use project of its kind.
Five Star Development purchased the land from an affiliate
of Marriott International for nearly $100 million. Several national and international
companies were also in the running to purchase the land. Located on the west
the site is the last large, undeveloped land parcel in the area.
The Ritz-Carlton Community will include a 225-room
Ritz-Carlton resort hotel, a residential development including villas, luxury
homes and one-acre estate lots, as well as a mixed-use component to be planned
No dates have been set for either groundbreaking or project completion.
All residents of The Ritz-Carlton Community will have
membership in The Ritz-Carlton Residences Program, including full access to
resort services and amenities, including concierge, room service, spa, fitness
center, housekeeping and maintenance.
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.
A commission policy has not been announced, and the resort
has not finalized which units among the villas, luxury homes and mixed-used
property will be commissionable for agents, nor whether they will follow a
rental pool model.
For more information, call 866-540-7827 or visit www.fivestardevelopment.com.
New Builds, Renovations
currently has more than 70 hotels and resorts, with a number of the properties undergoing
major renovations. Several hotel brands—Kimpton
Hotels & Restaurants, InterContinental
Hotels Group and Morgans Hotel Group—recently
acquired their first properties in
Other resorts, including Royal Palms Resort & Spa and Camelback Inn, A JW Marriott Resort & Spa, are undergoing
multi-million-dollar renovations and upgrades.
The Phoenician completed
a $5.5 million enhancement of the 60 guest rooms, private lobby, pool, cabanas
and meeting space in The Canyon Suites building.
In addition, two hotels—W
Scottsdale Hotel and Residences and InterContinental
Montelucia Resort & Spa—are scheduled to open in 2007 and 2008
respectively, and will add more than 500 hotel rooms to Scottsdale's current
collection of more than 12,500 rooms.
Also, Starwood has announced that
will be the location of one of the four initial properties in the
first luxury, eco-friendly global hotel brand.