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Contact:
Kensington Realty Advisors, Inc.
James Smith
312.993.7800
Chicago, IL, December 2009 – James Smith, managing principal of Kensington Realty Advisors, announced the opening of the St. Regis Deer Crest Resort in Park City, Utah.
Kensington is an investment partner in the ownership of this outstanding property. The eleven-story luxury resort is situated in the Deer Crest area of Deer Valley, with direct access to the ski runs. Unique positioning includes a full-amenity
ski-in/ski-out complex inside a gated community that features a Swiss-built funicular railway. The resort has solid branding with management through the St. Regis brand of Starwood Hotels and Resorts Worldwide Inc.
The St. Regis Deer Crest Resort and Residences includes 26 private residences, 67 condominium hotel suites and additional luxury guest rooms and suites. The residences range in size from a little more than 1,500 square feet to about 3,000 square
feet in 12 different unit models on the top four levels of the hotel. They range in price from $2.5 million to more than $6.5 million.
The residences are distinguished from the resort's one- to four- bedroom condominium section in that the condominiums have bedrooms that can be separated from a main unit and used as independent hotel rooms, bringing the total
possible hotel room units at the resort to 181. The condominiums range in size from 1,800 square feet to 3,600 square feet.
Smith said, "We believe this to be a unique asset in a premier location that is underserved in the high-end hospitality niche. Park City and the overall Utah recreational market have experienced significant growth in the last several years.
Demographic changes are likely to continue to fuel this trend over the coming years. Park City also benefits from its excellent airport access and overall affordability as compared to other top tier recreation markets."
Greg Griffin, St. Regis project manager states, "The development site's geography is a significant asset. I think if you just look at the general siting of this hotel and the way it sits, nestled above Snow Park in Deer Valley, it's close to
everything and it has a feeling that it's remote and removed from Snow Park and that it sits up on the mountain almost like a classic European ski setting. You look to the north down towards Park City and Deer Valley and to the east you see the Jordanelle Valley."
The funicular is billed as the first at a North American ski resort. "What this allows the project to do is build the hotel (and residences) on the upper site where the views are and give guest access to the main basin at Snow Park 500 feet below.
Another thing the funicular does is allow public access to the hotel from the Snow Park site." Said Griffin.
The managing member of the project is Falcon Investors of Harrison, NY, (www.falconinvestors.com). The ownership group consists of Deer Crest Associates, who is the landowner, principals of
Janna Hospitality Holdings and a private investment account of
Kensington Realty Advisors. Prudential Utah Properties is the marketing agent for the condominium homes.
This investment is an example of Kensington's strategy to take advantage of niche sectors that will benefit from demographic shifts in the coming years. Kensington and affiliates
have been active in senior and student housing for several years and are now making select investments in the resort hospitality arena.
For Hotel Information: www.StRegis.com/Deercrest
For Condominium Residence Information: www.StRegisDeerCrest.com
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