June 28–Local developers have bought The Ritz-Carlton, Dove Mountain resort — the only Forbes five-star-rated hotel in Arizona.
David Mehl, of Cottonwood Properties, and Humberto S. Lopez, of HSL Properties, bought the property, nestled in the Tortolita Mountain foothills.
The $45.5 million sale, finalized Monday, was financed by National Bank of Arizona.
"The Ritz-Carlton, Dove Mountain is a special place. I am very proud of what we created and excited to continue ownership of the hotel together with our new partners, HSL," said Mehl, president and owner of Cottonwood Properties. "Both Humberto and I, along with The Ritz-Carlton Hotel Co., share a long-term vision for the property."
The hotel will continue to be managed under contract by The Ritz-Carlton Hotel Co. LLC.
Cottonwood Properties developed The Ritz-Carlton, Dove Mountain hotel and the 6,200-acre residential community that opened for sales in 2009.
"David and I have known each other for over 30 years and have mutual admiration for each other. We couldn't have a better partner in the acquisition of this asset," said Lopez, chairman of the board of HSL Properties Inc.
"Our intention is to keep the hotel in our respective families as a legacy asset."
A full resort membership is included with each home purchase.
That gives residents access to the Ritz-Carlton hotel and spa, a 45,000-square-foot clubhouse, 27 holes of Jack Nicklaus signature golf, an Olympic-size swimming pool and more than 25 miles of hiking, biking and horseback-riding trails.
In 2010, Google executive Ray Sidney poured an undisclosed amount of cash into The Residences at The Ritz-Carlton to clear the developer's debt.
Mehl said at the time that Sidney's investment was crucial to moving the project forward while many projects were stalled because of the housing downturn.
"We are delighted to have a long-term relationship with Cottonwood and HSL for the spectacular Dove Mountain property," said Herve Humler, president and chief operating officer for The Ritz-Carlton Hotel Co. "We look forward to continuing to serve our guests with the excellence and attention to detail with which they are accustomed and deserve."
Homes in The Residences at The Ritz-Carlton, Dove Mountain range in size from 1,668 square feet to 5,400 square feet. Custom lots are 1 to 7 acres.
The resort received the prestigious five-star rating from Forbes in 2015.
Forbes Travel Guide wrote, "Surrounded by saguaros at the foot of the Tortolita Mountains just outside Tucson, The Ritz-Carlton, Dove Mountain is a luxury camp in the high desert. … A destination in its own right, boasting more than 20 miles of hiking trails, three pools, an idyllic spa featuring eco-friendly and holistic treatments and a Jack Nicklaus signature golf course.
"With numerous dining options, there's really no reason to leave the property. The Sonoran Desert is the attraction in this harmonious place where you'll find every amenity under the sun."
Contact reporter Gabriela Rico at [email protected]
