RITZ CARLTON SELLS VIRGINIA’S CREIGHTON FARMS
Three years ago, the Ritz Carlton luxury hotel chain made its first foray in the housing community market, joining a group of developers in buying Creighton Farms, a 900-acre luxury community wrapped around a Jack Nicklaus designed golf course in Loudon County, Va., and agreeing to manage the property.
The results were less than spectacular.
Last week Ritz Carlton and its partners announced they were selling Creighton Farms to a Massachusetts-based company that oversees similar communities, Southworth Development. This story in Tuesday’s Washington Post reports on the sale, while providing a laundry list of the problems that plagued Creighton Farms and undoubtedly led to Ritz Carlton’s exit: only about 30 of the development’s 181 housing lots have been sold (prices start at $750,000); just a dozen houses under construction, none of them finished, which means no full-time residents; about 50 golf members (one-fifth of capacity); an unfinished golf clubhouse.
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