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PARK CITY, UT-California developer Stan Castleton is close to breaking ground here for a five-star condo-hotel. Castleton tells GlobeSt.com that St. Regis Resort & Residences-Deer Crest will cost $240 million to develop and hopefully generate at least $260 million in sales.

The developer is DDRM Greatplace, a Castleton-owned development group and holding company with a portfolio of more than $2 billion in projects including 5,000 hotel rooms. Among other properties, DDRM developed and owns the 1,572-room Anaheim Hilton, the second largest four-star hotel in California.

The project will feature 26 private residences and 67 condominium hotel suites. The two- and three-bedroom condominium suites range between $1.55 million to $3.5 million, and the private residences range between $1.78 million to just over $5 million. The 67 two- and three-bedroom condominiums can be turned into 180 hotel rooms, says Castleton.

The first 38 units released have been reserved at prices in the range of $1,400 per sf. None of the prospective buyers have gone nonrefundable on their deposits yet because Castleton has not yet obtained a recorded condo plat, but that is expected soon. A second release will occur after the plat is recorded.

The development will be situated in the exclusive enclave of Deer Crest, a private, gated community of estate and mountain homes in the exclusive Deer Valley area of Park City. The enclave is noted for gourmet food, limiting the number of skiers on the mountain and curbside valets that help you unload your gear.

Amenities at St. Regis Deer Crest will include a 20,000-sf spa, a ski lounge, ski “beach,” and two fine dining restaurants. The contractor is Salt Lake City-based Okland Construction. The property is scheduled to open in early 2008.

Deer Crest Associates is the entity Castleton formed for the development. Castleton says the entity is in the midst of being recapitalized, but provided no further detail. St. Regis is a luxury brand of Starwood Hotels & Resorts.

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