Five Star Development Secures Court Order Confirming Clean Title and Full Buyer Protections for Villa Sales at The Ritz-Carlton, Paradise Valley

Core Viewpoint - Five Star Development has received a Final Villa Sales Order from the U.S. Bankruptcy Court, confirming clean, insurable title and full buyer protections for Villa sales at The Ritz-Carlton, Paradise Valley, ensuring that transactions can proceed without risk of future challenges [1][2]. Group 1: Court Order and Buyer Protections - The Court's Order establishes a clear framework for Villa closings, providing certainty to buyers, lenders, and title insurers that transactions can close as scheduled [2]. - The Order offers the strongest protection available under federal law, ensuring that Villa closings proceed with confidence and finality [4][10]. - All liens attach solely to net sale proceeds, and completed transactions cannot be unwound even in the event of an appeal, ensuring buyer security [10]. Group 2: Company Operations and Sales Strategy - Five Star Development continues to operate normally during its chapter 11 proceedings, maintaining control of the Project and advancing Villa sales [4]. - Following an initial sell-out, Five Star has released a limited number of select Villas to pre-qualified buyers under the Court-approved sales framework [5]. - The company is focused on creating a high-quality destination, engaging with global luxury retail brands, and providing Ritz-Carlton-managed services and amenities to homeowners [6][7]. Group 3: Company Background - Five Star Development has a nearly five-decade track record in commercial real estate, having developed over 20 million square feet of various properties, representing more than $3.5 billion in investment [8]. - The company's current portfolio includes over 7 million square feet of income-producing properties under active management [8].