Developer Plans Ritz-Carlton-Branded Community

-- Hotels, 5/1/2008

SCOTTSDALE, ARIZONA—The Ritz-Carlton, Paradise Valley, will be the first master-planned luxury resort community under The Ritz-Carlton brand. The 123-acre (50-ha), US$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 estates, all of which will be branded and serviced by The Ritz-Carlton Hotel Co.

Five Star Development Group Inc. is developing the project, which straddles Scottsdale and Paradise Valley. 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.

Prices for the whole-ownership residences will start around US$2 million; sales are expected to begin in June. Residents of the community will enjoy membership in The Ritz-Carlton Residences Program, including access to the hotel’s services and amenities such as the day spa, fitness center, private chef service, an around-the-clock concierge team, roomservice and valet parking.

Construction is slated to begin this summer with completion for the entire master-planned community and hotel expected Fall 2010. 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.