The Ritz-Carlton, Paradise Valley and The Residences at

The Ritz-Carlton, Paradise Valley Set for 2010 Opening

In Exclusive Scottsdale, Arizona Community

CHEVY CHASE, Md. - April 29, 2008 - The Ritz-Carlton Hotel Company, L.L.C., one of the world's leading luxury lifestyle brands, will add a third location in Arizona when The Ritz-Carlton, Paradise Valley and The Residences at The Ritz-Carlton, Paradise Valley open in the exclusive Scottsdale/Paradise Valley area on 110 acres of prime property.

Scheduled to open in fall 2010, the community is being developed by Scottsdale-based Five Star Development Group, and will be operated by The Ritz-Carlton Hotel Company. The lavish 225-room resort will feature a 25,000 square foot spa, 14,600 square feet of meeting space, a choice of dining styles, and a range of recreational facilities in one of the Southwest's premier vacation destinations. Views from both the resort and the residential community of villas, estate homes and one-acre home sites will include the iconic Camelback Mountain.

"We are very pleased to add Paradise Valley to The Ritz-Carlton's growing presence in Arizona," said Simon F. Cooper, president and chief operating officer. "We will now have properties in the very best locations, catering to business travelers, group meetings, leisure visitors, and those looking to live the relaxed lifestyle the state has been known for over many years," he added.

"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." said Jerry Ayoub, president and CEO of Five Star Development, the developer of the project.

Construction on The Ritz-Carlton, Paradise Valley is expected to begin this summer, with a planned opening of the resort by fall 2010. Following the opening of the resort, the real estate will become available in phases with prices starting from the low $2 million range for whole ownership. A sales office is expected to open in May 2008. All residents of the community will be afforded access to the services and amenities available at the resort, including in-home catering, concierge and housekeeping, and signing privileges.

The Ritz-Carlton Hotel Company, L.L.C. of Chevy Chase, Md., (U.S.A) currently operates 71 hotels in the Americas, Europe, Asia, The Middle East, and Africa. More than 30 projects are under development around the globe with future openings including Sanya (China), Mexico City, and Cap Cana (Dominican Republic). The Ritz-Carlton is the only service company to have twice earned the prestigious Malcolm Baldrige, National Quality Award, which recognized outstanding customer service. For more information or reservations contact a travel professional, The Ritz-Carlton U.S. toll free reservations line at 1 (800) 241-3333, or visit the company web site at www.ritzcarlton.com.

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