Columbus Pacific Scores $165M for Utah Condo Hotel
- Jun 27, 2019
Columbus Pacific has nabbed a $165 million construction loan to build a 233-key luxury condo hotel within the massive Park City ski resort in Utah that will feature fully serviced residences along with guestrooms and suites. The financing, provided by Mosaic Real Estate Credit, consists of a three-year senior construction loan with two 12-month extensions.
Pre-construction on the alpine development, Pendry Park City, has already begun and an official groundbreaking is scheduled for this summer. The 2.5-acre project with ski-in access is slated to launch in winter 2021 within the new Canyons Village, about 35 minutes from Salt Lake City International Airport.
The property, operated as a luxury hotel by Pendry, will offer condominium units that allow an individual to own a full-service vacation home. Comprising three six-story buildings, the property will provide serviced residences ranging in size from 446-square-foot studios to 2,600-square-foot, four-bedroom penthouses. The studios will start at $395,000 while prices for the penthouses will run up to $3.65 million.
The residences have already drawn $95 million in reservations to date, with Brian Shirken, president of Columbus Pacific, noting in a prepared statement that the company has been “overwhelmed” by the demand. The project will also deliver five restaurants, a fitness center and spa, 40,000 square feet of commercial space and more than 7,000 square feet of indoor meeting space.