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PARK CITY, UT-A St. Regis-branded luxury hotel-condominium development opened over the weekend in this ski resort town. The development contains 67 luxury condominium units, which are divisible into 181 hotel rooms, and 18 of the 26 private residences in an 11-story building. The project is approximately 65% pre-sold, a figure that is unchanged from January.

Stan Castleton, CEO of the developer, DDRM LLC, told GlobeSt.com earlier this year that each buyer put down a non-refundable, earnest money deposit equal to 20% of the purchase price. The closing process began in late November; Castleton believes nearly all the buyers have the wherewithal to close the transaction, which if true would generate enough sales to pay off the $212-million construction loan.

Due to his confidence in covering the construction loan, Castleton has been patient with additional sales and has reportedly not given up too much on price in the down economy. Some of the prominent people who have put down earnest money are Papa John’s CEO John Schnatter, sportscaster Jim Nantz and actor Kevin Sorbo. The current average per-square-foot sales price for the units under contract is $2,000. The total construction cost is $300 million. The estimated gross sellout is $320 million.

The development is 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.

The goal is to have the facility be the only Mobil five-star property in Utah. Amenities at the property will include ski-in/ski-out access, a 14,000-square-foot spa and fitness center, a gourmet restaurant, an after ski lounge with ski valet service, a “ski beach” and two resort-style swimming pools. Guests will access the resort from the base area using a funicular railway.

DDRM’s equity partners include a joint venture comprised of a Hong Kong national and Deer Crest Janna, an East Coast-based development entity funded by pension and entrepreneurial investors. The construction lender is a syndicate of three domestic and international financial institutions arranged by Los Angeles-based Sonnenblick-Eichner Co.

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