CBRE Hotels Arranges the Sale of 5 Diamond Ritz-Carlton Dove Mountain in Marana, AZ

Tucson, Arizona—June, 28, 2016CBRE Hotels is pleased to announce the sale of the first mortgage note for the 5 Diamond Ritz-Carlton Dove Mountain in Marana, Arizona. Arizona’s only 5 Diamond resort was sold to local developers - David Mehl, of Cottonwood Properties, and Humberto S. Lopez, of HSL Properties - for $45.5 million. Larry Kaplan and Mark Darrington of CBRE Hotels in Denver, along with Bernard Van Der Lande of CBRE Capital Advisors arranged the sale of the note on behalf of the seller, Barclays Bank.

The 253-room Ritz-Carlton is a true embodiment of a luxury resort destination. The property sprawls across 33 acres, located within the 6,200-acre Dove Mountain master-planned luxury residential and golf community. It is strategically positioned at the end of a canyon, nestled in the foothills of the Tortolita Mountains and is surrounded by the majestic Sonoran Desert.

The Ritz-Carlton represents another significant luxury resort transaction for the CBRE Hotels' team. In 2015, the same three-person team facilitated the sale of the Vail Cascade Resort in Vail, Colorado on behalf of Lowe Enterprises.

CBRE Hotels is a specialized advisory group within CBRE providing brokerage, valuation, consulting, research and capital markets services to companies in the hotel sector. CBRE Hotels is comprised of more than 385 dedicated hospitality professionals located in 60 offices across the globe.  CBRE Capital Advisors​ is the real estate investment banking unit of CBRE in the Americas with a FINRA-registered broker-dealer office in New York, and provides independent advisory and equity placement, working in partnership with the CBRE platform.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.