Ritz-Carlton Community to Debut in Scottsdale

A new type of luxury community is coming to Scottsdale, AZ—with a price tag of $1.5 billion. Five Star Development has announced the acquisition of a 123-acre site on the Scottsdale and ParadiseValley border that will be the first Ritz-Carlton Community and mixed-use project of its kind.

Future site of The Ritz-Carlton Community

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 side of

Scottsdale Road
between
Lincoln Drive
and
Indian Bend Road
, 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 on

Scottsdale Road
. No dates have been set for either groundbreaking or project completion.

Scottsdale is a popular golf destination

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

Scottsdale 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 Scottsdale.

Hyatt Place
opened in Scottsdale in September 2006.

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 Scottsdale will be the location of one of the four initial properties in the U.S. of "1" Hotel and Residences, the first luxury, eco-friendly global hotel brand.

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