Extell Development Company has closed a $600 million construction loan for the Four Seasons Resort and Residences Deer Valley, a hotel and residential project currently under construction in the new Deer Valley East Village base area. The loan, according to Extell, is the largest of its kind for a hotel and condominium project in Utah.
The Four Seasons Deer Valley is being built as part of Deer Valley Resort’s ongoing expansion. Construction on the project began earlier this spring and is expected to finish by 2028.
“We are thrilled to be a part of this landmark development,” said Anthony Shaskus, head of credit strategies at JVP Management. “We’ve enjoyed a long history of working with Gary Barnett and the Extell team and look forward to supporting the firm’s development of Deer Valley East Village.”
Extell reports that nearly 40% of the total inventory is already under contract. The project includes a Four Seasons hotel, along with 123 private residences. Hotel units and residences range from one to six bedrooms and between 1,200 and 7,000 square feet. Shared amenities include wellness and fitness facilities, spa services, indoor and outdoor pools, meeting spaces and four dining venues, including a ski-in/ski-out lounge with a fireplace and outdoor terrace.
Gary Barnett, founder and chairman of Extell Development Company, said, “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. 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 Four Seasons sits at the center of Deer Valley’s planned East Village expansion, which will open with 110 new ski runs and 10 chairlifts for the 2025-25 ski season.
The hotel resort will join the newly opened Grand Hyatt Deer Valley and the upcoming Canopy by Hilton, which is expected to open this winter. Two additional hotels are also planned for the village but have not yet been named.
When complete, the expansion will have added 3,700 additional acres of skiable terrain, bringing the resort’s total offering to over 5,700 acres, more than doubling its current size.