Five Star secures secures DIP financing for 80-condo unit project, The Palmeraie, part of Ritz-Carlton Paradise Valley

2/24/2026

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Phoenix Business Journal

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• Subcategory: Capital Markets: Debt, Hospitality: Hotel, SF: Attached

• Tag: Bankruptcy | Closing | Strategy

• Additional Filters-Subcategory: Capital Markets: Debt-Construction Loan, Hospitality: Branded Residences, Hospitality: Luxury, SF: Condo

• Additional Filters-Tags: Hospitality: Franchise

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

Highlights
Five Star Development secured millions to finish luxury condominiums
The developer has sold at least 10 units since November, Maricopa County records show
Five Star filed for bankruptcy protection last November, days before a scheduled foreclosure sale