PARK CITY, UTAH — Extell Development Co., a national real estate development firm based in New York City, has secured a $600 million construction loan for Four Seasons Resort and Residences Deer Valley, a new hospitality and condominium development currently underway in Park City, Utah’s premier ski town. New York-based JVP Management provided the financing.
Extell broke ground on the development earlier this spring and plans to deliver the property in 2028.
Designed by ODA Architecture, Four Seasons Resort and Residences Deer Valley will feature one- to seven-bedroom hotel suites ranging in size from 1,200 to 7,000 square feet, all with direct ski-in/ski-out access.
Amenities at the property will include wellness and fitness facilities with saunas, steam rooms, whirlpools and spa services, as well as four dining venues and a ski-in/ski-out lounge with an outdoor terrace and fireplace.
Additional amenities will include access to 50 miles of hiking and biking trails, an ice rink, indoor sports court and indoor and outdoor pools with panoramic views and private cabanas. The property will also feature a grand ballroom, three meeting rooms and an outdoor event terrace.
Upon completion, the development will include a building with 68 private one- to five-bedroom residences as well as 55 condominiums atop the hotel portion. At the time of financing, roughly 40 percent of the for-sale residences at the Four Seasons property were sold. Summit Sotheby’s International Realty is handling sales. Homeowners will have access to exclusive amenities in addition to the previously mentioned hotel amenities, as well as a director of residences who will oversee the brand experience for the residents.
Four Seasons Resort and Residences Deer Valley is situated roughly 40 miles from Salt Lake City within Deer Valley East Village, the first new luxury alpine village to be developed in North America in more than 40 years, according to Extell.
“This loan underscores the tremendous confidence the market has in the Four Seasons brand, who we have partnered with on three separate projects, as well as our commitment to Deer Valley East Village,” says Gary Barnett, founder and chairman of Extell. “We’re excited to have reached this milestone with our long-term lending partner JVP and look forward to seeing this vision come to life with the grand opening of Deer Valley’s ski expansion this upcoming winter.”
The expansion of Deer Valley East Village is set to debut for the 2025/2026 ski season. The expansion will add 10 new chairlifts and 100 new ski runs to Deer Valley, which will offer more than 5,700 acres of skiable terrain served by 37 total chairlifts across 238 runs, as well as food-and-beverage venues.
Within Deer Valley East Village, Extell is also developing a new 180-room Canopy by Hilton hotel that is set to open in summer 2026. The developer also partnered with Hyatt Hotels Corp. on Grand Hyatt Deer Valley, a 436-room resort that opened last November.
— John Nelson