By Mike Sunnucks | Phoenix Business Journal
The on again, off again proposed Ritz-Carlton Hotel development in Paradise Valley has another hiccup, and former GoDaddy chairman Bob Parsons has been confirmed as a lender to the project. Parsons and his investment group, Yam Capital, has lent $55 million to Jerry Ayoub’s Five Star Development Resort Communities LLC to help finance the $1.5 billion Ritz project, according to Paradise Valley Mayor Scott LeMarr and other officials with knowledge of the project.
Zoning attorney Jordan Rose, President and Founder of Rose Law Group commented, “the tactic of threatening a Muni with leaving the site altogether generally only works when the residents really need to have your project go. I am not involved in this project but Paradise Valley historically has not hungered for new revenue sources.”
