St. Regis Deer Crest Opens

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.