 LOS
ANGELES, CA � July 31, 2007 - Sonnenblick-Eichner Company announced today
that they have arranged $212,500,000 of construction financing for the
new St. Regis Resort & Residences Deer Crest, located on the mountain
at Deer Valley Ski Area in Deer Valley, Utah. The non-recourse construction
loan was provided by a syndicate of three domestic and international money
center banks and financial institutions.
Upon completion, the St. Regis Deer Crest will be comprised of an 11-story hotel tower, offering 67 luxury condominium units divisible into 181 hotel keys and 26 private whole ownership residences. A 27th residence will be located at the base of Deer Valley where a separate reception complex will be built. Access to the resort from the base area will be via a funicular. The resort is being built to Mobil �Five Star� standards and upon completion will be the only Five-Star property in the state of Utah. Amenities at the property will include ski-in/ski-out access, a 20,000 square-foot spa and fitness center, a gourmet restaurant, an après ski lounge with ski valet service, a �ski beach� and two resort-style swimming pools. David Sonnenblick, principal of Sonnenblick-Eichner Company, commented, �Due to the project�s unique attributes and location, we were able to identify several domestic and international institutions seeking the opportunity to provide construction financing for the project. We were successful in structuring a non-recourse construction loan with a cap on the completion guaranty, thereby minimizing our client�s exposure. Upon completion, this project will be one of the finest year round resorts in the country.� Elliot Eichner, principal of Sonnenblick-Eichner Company added, �This transaction is indicative of our company�s dedicated niche in arranging and structuring complex transactions for the hospitality industry.� About Sonnenblick-Eichner Company
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