Madison Realty Capital moves to foreclose on Five Star’s $2B Ritz-Carlton Paradise Valley project amid legal battle

8/12/2025

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Phoenix Business Journal

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• Subcategory: Hospitality: Hotel, Hospitality: Resort

• Tag: Foreclosure | Legal-Lawsuit-Agreement | New Construction

• Additional Filters-Subcategory: Hospitality: Luxury

• Additional Filters-Tags: Hospitality: Chain Management

• Company: Marriott (Nasdaq: MAR), "Five Star Management & Development of Arizona, Inc.", Madison Realty Capital (MRC)

Story Highlights
Madison Realty Capital plans to foreclose on $2 billion Ritz-Carlton project
Five Star Development sues Madison for allegedly interfering with the development
Construction on Paradise Valley luxury hotel project paused

Five Star Management & Development of Arizona, Inc.

Vijay D Ahir | President

[email protected]

480-287-212

Madison Realty Capital (MRC)

Mark Gormley | Managing Director, Investments

[email protected]

646-747-2231