$600M construction loan for big Extell project | Hotel Investment Today

Lendingpartner JVP Management finances deal for Four Seasons Resort and Residences inDeer Valley, Utah.

DEERVALLEY, Utah – New York-based developer Extell Development Co. has closed a$600 million construction loan for Four Seasons Resort and Residences DeerValley within Deer Valley East Village, the first newluxury alpine village to be developed in North America in more than 40 years. Financedby investment firm JVP Management, the loan is believed to be the largest for ahotel and residential condominium construction project in Utah.

With nearly 40% of the overall inventorysold, Four Seasons Resort and Residences Deer Valley’s construction beganearlier this spring, with completion expected in 2028.

The resort will offer one- to six-bedroomhomes, ranging from 1,200 to 7,000 square feet, all with direct ski-in/ski-outaccess and luxury amenities and service. The 55 residences atop the hotel,which are already 60% sold, are complemented by an adjacent building with 68private residences, ranging from one to five bedrooms.

Situated 40 minutes from SaltLake City International Airport, Deer Valley East Village’s long-awaitedexpansion will be showcased in the 2025/2026 ski season when the resort willdouble the size of its current skiable terrain, adding 10 new chairlifts and100 new ski runs.

Several major enhancements areslated for future years, including on mountain food and beverage and additionalski amenities. Upon completion, Deer Valley will boast over 5,726 acres ofskiable terrain served by 37 chairlifts across 238 runs, securing its positionas one of the largest ski resorts in North America.

“This loan underscores the tremendousconfidence the market has in the Four Seasons brand, who we have partnered withon three separate projects, as well as our commitment to Deer Valley EastVillage,” said Extell Founder and Chairman Gary Barnett. “We’re excited to havereached this milestone with our long-term lending partner JVP and look forwardto seeing this vision come to life with the grand opening of Deer Valley’s skiexpansion this upcoming winter.”

Extell Development also recently announcedplans for luxury Four Seasons Resort and Private Residences Deer Valley to cometo Park City, Utah.

Extell pioneered Manhattan’s Billionaires’Row, having developed some of New York City's ultra-luxury propertiesalong 57th Street, including Central Park Tower, the tallest residentialbuilding in the world located above Nordstrom’s flagship Manhattan store andOne57, the record-breaking glass tower which includes condominiums abovePark Hyatt’s flagship hotel.

Additionalcompleted projects include the W Hotel in Times Square, the Boston InterContinental,Four Seasons Resort and Residences Vail, and Grand Hyatt Deer Valley.