PARK CITY, UTAH — Sonnenblick-Eichner Co. has arranged $60 million in financing for the 177-room St. Regis Deer Valley resort in Park City. The resort is located at 2300 Deer Valley Drive E.
The St. Regis Deer Valley offers 67 hotel condominium suites divisible into 177 hotel keys and 25 private whole-ownership residences. The ski-in, ski-out resort includes amenities like the 14,000-square-foot Remède Spa, fitness facilities, a Jean-Georges Vongerichten signature restaurant (J&G Grill) and the Deer Crest Club, a private club.
A domestic life insurance company funded the loan in a highly structured transaction. Proceeds of this non-recourse financing were used to refinance existing debt with a new long-term, fixed-rate loan. The proceeds will also fund the next phase of the resort’s development, which will include additional condominium and hotel units, a destination restaurant and other amenities. Construction on the next phase is scheduled to begin in late 2018 or early 2019.
This is the third financing Sonnenblick-Eichner has arranged for the ownership. This includes a $212.5 million construction loan and a subsequent permanent loan.