VERNON, NJ—The Mountain Creek resort here is planning to develop a $150-million indoor water park hotel that would help transform the property into a four-season destination.

Mountain Creek CEO Andrew Mulvihill says the proposed project would include 400-room hotel, a 100,000-square foot water park, a 40,000-square foot "extreme sports-type camp" and 60,000 square feet of convention space, according to NJ.com.

"This is one part of a larger half-a-billion dollar development we'll be doing that will be part of a whole ski village," Mulvihill says.

Mulvihill says the indoor water park hotel has been "hugely successful" in the Poconos with the Great Wolf Lodge. By building an indoor water park hotel in Vernon, the site would be 30 minutes to visitors from the New York metropolitan area and would make the property a four-season resort.

"We believe we've got the best site (for an indoor water park hotel) in the country," Mulvihill said. "We're half hour closer than the Poconos site to New York. We'll blow away competitors."

The company intends to secure $40 million from foreign investors; $25 to $28 million through floating bonds; and the remainder of financing from capital markets to pay for the indoor water park venture. Mountain Creek is also looking to secure local municipal incentives. See story at NJ.com.