Park City Condo Resort to Become High-End Timeshare
Transaction with Centerbridge on Sunrise at Escala Marks Culmination of Long-Term Vision for Property, Strategic Move for Investors
Park City, Utah – SDI Realty Group has announced the closing of a major long-term transaction on Sunrise at Escala, a completed, unsold resort condominium development located within Canyons Ski Resort in Park City, Utah. The transaction was between the developer and Centerbridge Capital Partners, L.P. (Centerbridge). Lantern Asset Management (Lantern), an affiliate of Centerbridge, will provide asset management services for the property, which will be converted from a condominium project to a branded timeshare resort later this summer.
In a strategic move for investors, SDI Realty Group will maintain a long-term interest in Sunrise. SDI Realty Group also will build out commercial space and install new furniture, fixtures, and equipment this summer, as well as provide additional management services with Lantern for the next several years. Developed by SDI Realty Group and Silverado Property Company, Sunrise was delivered in June 2009 as the second phase of the Hyatt Escala Lodges, a branded hotel condominium development.
“We are very pleased to complete this transaction with the Centerbridge team, whom we believe to be the best group possible for high-quality timeshare conversion,” said Wayne Turner, managing director of SDI Realty Group. “We look forward to participating with them as needed in the long-term success of this property.”
No stranger to these types of acquisitions, Centerbridge completed a similar deal in late 2011 with the Planet Hollywood Towers Westgate in Las Vegas, which has since been rebranded by Hilton Grand Vacations.
“Both Hyatt and SDI realty Group are excited to bring Centerbridge into our adjacent Sunrise property, and we look forward to announcing another high-end brand later this summer,” added Cory Williams, development and asset manager and partner in SDI Realty Group. “This transition will enhance both the Canyons Resort and our adjacent Hyatt Escala Lodge property by bringing in additional travelers who come to enjoy the vast skiing and snowboarding terrain along with the array of summer activities.”
Completed in June 2009 as a sister project to Hyatt Escala Lodge, this ski-in ski-out property is also located at the base of the Sunrise Lift at Canyons. SDI Realty Group is the asset manager of the commercial and residential condominiums at Hyatt Escala Lodge, a AAA Four-Diamond Resort, and the flagship development at Canyons, which was rated by SKI Magazine as one of the Top 12 “Hot Hotels” in North America.
“This transaction will allow us to achieve the greatest potential of Sunrise and enhance the appeal and value of our highest-end property, Hyatt Escala Lodge,” said Adam Loser, project manager and partner at SDI Realty Group. “Plans are already underway to complete new commercial space and install new furnishings at Sunrise.”