Extell speaking at East Village Deer Valley - this is the recording

This is a condensed version of Extell speaking yesterday at the Grand Hyatt Deer Valley - some of the information may not make sense.....its taken from an audio recording converted to text.  Anticipate multiple mistakes and miscommunication.   All information is not reliable and for entertainment purposes only.

You’ll also hear there are ongoing transit discussions, including potential aerial transit. That concept is still further out on the horizon, but it’s part of the long-term vision for this area.

As we look at the master plan, there are roughly 588 acres in the overall development that are slated for real estate. That’s important for all of you because this isn’t just another project—it’s a major economic engine for the State of Utah.

The reason we’re actually here in this room is tied to this building: it includes 100 preferred rooms reserved for the military in perpetuity. So if you see military members on property, please thank them. That military component is what brought us into a special jurisdiction outside the county and outside the town, which allows us to structure things differently and really create the critical mass we need right out of the gate.

When I talk about “critical mass,” you can see it in the model up here. That model represents the core of what we’re targeting to have online and open within the next several years. At the heart of that is the Grand Hyatt, which you’re in today.

The Grand Hyatt Deer Valley includes:

• Approximately 384 hotel keys

• A new spa on the second level

• Over 10,000 square feet of common and meeting space in various configurations

• 55 private residences on the upper floors

We were fortunate to see very strong demand for those residences before the hotel even fully opened.

Right across the street from here is the future Four Seasons Deer Valley. The first building we often refer to as Tower A. Around it, we have a series of towers: A, B, C, D, and E. The concept is:

• A hotel component with condos, and

• An exclusive offering of 68 private Four Seasons–branded residences, connected by a bridge and fully serviced with Four Seasons amenities.

We’re also working on what we call Lot 5 to the northwest. The first tower there is very similar in concept: a hotel with residences on top, plus a separate private tower exclusively for owners. This is the trend in luxury hospitality—it creates exclusivity and brand loyalty, helps drive higher ADRs and revenues, and accelerates overall stabilization for the project.

Next, the skier services building:
That building is roughly 200,000 square feet. We just topped it off recently. It has multiple roof levels, and we’ll be turning it over to Alterra next summer. For context, Alterra is the parent company behind Deer Valley and several other major ski resorts. Deer Valley was their first acquisition when they formed the company.

We also have a major capital partner, Reef Capital, which acquired much of the for-sale real estate from Extell and has been selling those offerings. One notable example is a property at 1851 West… (many of you know it) – roughly 8,000 square feet, which closed for around $18.84 million on October 31st. That sale set a new benchmark for this side of the Wasatch and illustrates the strength of the market here.

Now let’s talk about Porta Mont (short for “Port of the Mountain”).
There are 72 condominiums in this phase. Reef acquired the residential from us, while we retained all of the commercial in the first portion—just under 16,000 square feet of commercial space. That commercial activates this building and ties into additional commercial components spread throughout the village.

Reef has already started:

• Building 5 to the south

• Building 1 to the north

• And this winter, they’ll be bringing one- and two-bedroom units in Building 2 to market.

All three of those buildings will be active in the marketplace.

To the far north, you’ll see Marcella, which includes high-end homes and townhomes on large view lots. They’ve already contracted a significant portion of the first phase and are moving quickly.

When you step back and look at the future build-out, today we’re only talking about a small portion of the entire plan. The immediate “critical mass” for us—what raises awareness and elevates the destination—is really driven by:

• The core hotels

• The Four Seasons,

• The additional five-star hotel we’ll be announcing, and

• The surrounding residential offerings.

There are a little over 1,300 total units entitled within the East Village area, with completion anticipated over roughly the next decade.

You’re currently sitting in the Grand Hyatt, which opened just before Thanksgiving last year. Reservations and group business have taken off. The conference and meeting component has been particularly strong.

We intentionally designed the hotel with the military and defense sector in mind—not just active-duty service members, but also Hill Air Force Base and the broader ecosystem of defense contractors and federal partners. The ballroom and large function space on the ground floor were strategically placed and sized to host military and defense-related events. The adjacent outdoor areas can even accommodate displays like tanks or Humvees for demonstrations or showcases.

We’ve also recently approved a SCIF (Sensitive Compartmented Information Facility) to be constructed on site. That SCIF will allow secure briefings and classified discussions between defense contractors and federal agencies, which is a big driver for year-round, non-ski visitation.

Up the mountain, Marcella has also started construction on a ski watch / clubhouse facility, as well as a separate clubhouse just above one of the new lifts. If you were skiing here last year, you may remember riding the new lifts that take you into the expanded terrain—those lifts are being enhanced with magic carpets and re-graded beginner areas to make them even more family-friendly this season.

Now let’s circle back to the Four Seasons Deer Valley details:

• Approximately 134 hotel rooms

• 55 branded residences integrated with the hotel

• 68 additional private residences in the adjacent Four Seasons–branded tower

So in total, you’re looking at 123 Four Seasons–branded residences. As of this morning, just over 40% of those are under contract, with especially strong demand in the two- and three-bedroom range.

There are two primary view orientations:

• Mountain side

• East-facing reservoir views over the Jordanelle

The hotel tower and residences have been carefully oriented so that when you look east, you’re looking out over the Jordanelle Reservoir, with the entire resort development below. We’ve seen a mix of buyers:

• Long-time Four Seasons loyalists

• National buyers from across the U.S.

• A handful of international buyers as well

The building itself is designed by ODA, an architect out of New York. The four “peaks” of the building are intended to echo the mountain forms, which is why the roofs are sloped and faceted—not just for snow shedding or solar, but as a deliberate architectural representation of the peaks around us.

The skier services building is also being designed by ODA, in conjunction with the Four Seasons. Between the skier services facility and the hotel is a mid-level plaza and a grand staircase that connects the ice ribbon plaza below to the upper plaza at the Four Seasons and surrounding buildings.

We’re leasing the skier services building to Deer Valley on a triple-net basis. We’re retaining about 20,000 square feet of cultural or civic space within it, and the rest—roughly 200,000 square feet—will house:

• Day skier services

• Rentals and ticketing

• Ski school

• Ski clubs and locker rooms

• Food & beverage offerings

The pool here at the Grand Hyatt has already become a bit iconic—it’s an indoor-outdoor pool where you can literally swim from inside the hotel to the outside, right up against the snow. The Four Seasons will have its own distinct pool and amenity package, intentionally scaled more toward:

• Smaller family gatherings

• Weddings

• Executive retreats

rather than the large conferences we host here at the Grand Hyatt.

Our next five-star hotel brand has not yet been publicly announced, but we do have a definitive agreement in place. That building is being designed by another top-tier architecture firm out of New York and will follow a similar program:

• A hotel with private residences above,

• A separate, fully private residential tower, and

• A short-term rental component with 30-day minimums.

It will feature ski-in/ski-out access, extensive amenities, and yet another signature pool—this one cantilevered over a ski run with a glass bottom so guests can see skiers passing underneath.

Zooming out to the village core, there’s a little over 100,000 square feet of commercial space that Extell is buying back from Reef. We’ll then lease it to a curated mix of tenants. The plaza is intentionally designed to be pedestrian-oriented and vibrant year-round, centered around the ice ribbon. In winter, it functions as an ice skating ribbon; in summer, it can transition to:

• Farmers markets

• Turf-covered play and event space

• Family-friendly programming

We also have what we call the “Beehive”—a small but iconic building at the core of the plaza that will serve as flexible event and activation space, plus an amphitheater on the eastern side for concerts and performances.

From a site-planning standpoint, the village buildings form a horseshoe. That’s very intentional:

• It blocks sound from the highway

• Reduces wind in the core

• Maximizes solar gain in winter

All of this supports the goal of creating a true four-season, world-class pedestrian village.

Across the way, we’ve acquired about 78 acres for workforce housing and what we’d call more regional commercial—services, retail, and housing that complement the higher-end uses in the main village. The state has been very supportive of creating a dedicated access portal so that vehicles can enter, serve those uses, and re-enter the highway efficiently without congesting the main resort entries.

Another piece that can fly under the radar is the Canopy by Hilton Deer Valley, down near the Jordanelle Gondola. That’s an approximately 180-room hotel with robust food-and-beverage offerings. It’s really meant to serve:

• The Jordanelle / East Village side of the mountain

• Locals and guests looking for dining and après options near the lake and gondola

It’s scheduled to open next summer. Exterior construction will wrap up before this winter, and then interiors will be completed over the next several months. They’ve already hired their CFO, GM, and chef, so they’re moving quickly toward operations.

Beach Village was the first residential product we built here—just outside East Village. It consists of 42 condominium residences. One of the smaller buildings was sold to a housing authority for workforce housing, and the remaining buildings have been selling through. Units come furnished and turn-key, with on-site management options and strong amenities. There’s even a ski-back run that drops right into the property.

We’re also partnering with CoralTree Hospitality to re-energize an existing condo development on property—bringing in:

• Owner events

• Fitness classes

• More active programming

The goal is to make it feel like the lively, community-oriented neighborhood it was meant to be, and to give owners flexible and attractive rental options.

From a big-picture real estate standpoint, the bones are in place. We’re now layering on:

• The brands (Four Seasons, Grand Hyatt, Canopy, the unannounced five-star, etc.)

• The critical mass of hotel keys and residences

• The village commercial and year-round activation

We’re finalizing the last of our major brand agreements, including a third five-star brand on one of the key future parcels. Over the next five or more years, you’ll see continued build-out and a material increase in visitation and visibility for this region and for Utah as a whole.

Finally, let’s touch on the ski expansion, which is arguably the most exciting part for many of you.

Last year, Deer Valley opened 3 new lifts and about 20 new runs in this area. This year, they’re adding 7 more lifts and roughly 80 additional runs, for a total of:

• 10 new lifts

• About 100 new runs

This effectively doubles Deer Valley’s terrain. Historically, Deer Valley had just over 2,000 skiable acres; they’re adding thousands more, ultimately reaching around 3,700 acres with 16 new lifts as the full expansion comes online.

They recently released the new trail map, which shows all the additional terrain accessible this season. The new gondola terminal at the bottom is impressive—it carries guests all the way to the top of the new peak. From there, you can ski a 4.7-mile green run called the Green Monster, which goes from top to bottom and will be a huge draw for families and intermediates.

The new terrain is designed to complement “legacy” Deer Valley:

• Steeper, more advanced and expert terrain in places

• Broad, long groomers in others

There are also over 17 different connection points back into historic Deer Valley, making it a seamless ski experience.

Access is a huge advantage here. Compared to resorts where everyone is funneled through a single portal, this mountain will ultimately have:

• Multiple access points from Jordanelle / East Village

• Snow Park

• Silver Lake

• Empire

• And the existing Deer Valley portals

In total, you’re looking at 360 degrees of access around the mountain, which spreads traffic and reduces pressure at any single base area. On top of that, more than 1,200 parking spaces are being delivered adjacent to the village core, plus ongoing use of Snow Park parking until that area is redeveloped.

All of this is made possible by a state-of-the-art snowmaking system. The system is designed to be one of the most sophisticated in North America:

• Roughly 10,000 gallons per minute capacity now

• An additional 2,000 gallons per minute planned, for 12,000 GPM total

• Around 867 snow guns throughout the new terrain

The water use is roughly 1% of the Jordanelle’s volume annually, and about 85% of that water returns to the reservoir through natural runoff. The goal is not just to “patch in” coverage, but to build consistent, high-quality, world-class surfaces every season, regardless of how early or late the storms come in.