Arizona's Resort Row to be Upgraded to Meet Competition
PHOENIX, AZ, April 17, 2006. Hotels in Paradise Valley, along Lincoln Drive, are spending nearly $500 million on upgrades and new construction between now and 2008. When the projects are completed, it could be one of the most exclusive and competitive stretches of land in the lodging industry, according to local reports.
A combination of new competition, increased profits and dusty digs are prompting existing resorts to reinvest in their properties. And the health of the lodging industry is luring developers to build anew.
The big spender on the block is Crown Realty & Development, which plans to build two hotels on the sites of old ones. It demolished La Posada Resort in February and is preparing to construct the $230 million Montelucia Resort, Spa and Residences in its place.
It is awaiting Paradise Valley's approval to replace the old Mountain Shadows Resort with an approximately $200 million property. The developer is scaling back the height in some areas of the three-story resort because neighbors were concerned about density.
Both hotels promise to offer the latest trends in spa, meeting space, food and design. Mountain Shadows will offer guestrooms with built-in spa equipment, so travelers can take steam showers and get massages without leaving their rooms. Montelucia will have a grand plaza pool that will "flow into the view of Camelback Mountain" and a negative-edge pool for spa clientele, said Rick Carpinelli, Crown Realty's senior vice president of development.
Marriott purchased 120 acres in Paradise Valley and Scottsdale for $74 million with plans to build a Ritz-Carlton, but reportedly has not submitted official plans to the town.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
