Ritz-Carlton plans Dove Mountain project

The Ritz-Carlton Hotel
Company will join with Cottonwood Properties and Greenbrier
Southwest Corporation to open The Ritz-Carlton, Dove Mountain. The project will be a 250-room
golf and spa resort, along with single-family residences in the high
Sonoran desert, northwest of Tucson, Arizona in the scenic town of Marana.

Scheduled for a late 2009 opening, The Ritz-Carlton, Dove Mountain will
anchor its largest branded resort/residential community in the continental
U.S. managed by the award-winning luxury hotel company. Encompassing 850
acres within the Dove Mountain master-planned community, The Ritz-Carlton
project will be the ultimate in luxury vacationing as well as luxury living
in the high Sonoran Desert.

“We have long hoped to open a world-class resort in the Arizona desert,
and we believe the Dove Mountain project, which includes two Jack Nicklaus
Signature golf courses and a 17,000 square foot spa, will appeal to
affluent leisure travelers as well as groups seeking a resort for meetings
in a luxury environment. For homeowners desiring either a vacation retreat
or a retirement destination, the Dove Mountain location offers the serenity
of an exclusive desert setting and private homes, plus the added
convenience of the city of Tucson less than thirty minutes away,” said
Simon F. Cooper, president and chief operating officer of The Ritz-Carlton
Hotel Company.
  The initial investment in the project’s hotel, golf club and
infrastructure totals over $276 million, and the Phase I residential
program alone represents more than $220 million of sales value in homes and
lots. The project marks a collaboration between The Ritz-Carlton Hotel
Company, L.L.C. of Chevy Chase, MD; Cottonwood Properties of Tucson; and
Greenbrier Southwest Corporation of Scottsdale. The Ritz-Carlton Hotel
Company, L.L.C., through an affiliate, is a significant owner in the hotel
as well as manager of the golf club and residences.