Large-Scale Destination Resorts and Private Club Communities in the United States

Among others, Peterson Economics’ recent and current consulting assignments for proposed new large-scale destination resorts and private club communities in the United States include:

  • Makena Resort, Maui, Hawaii: a proposed redevelopment and repositioning of an existing resort on a spectacular oceanfront site into one of the most upscale and most notable ultra-high-end second-home communities in the western hemisphere. Peterson Economics was retained by Dowling Company and Morgan Stanley to formulate a detailed development program for this property. See detailed overview.
    Makena Resort, Maui, Hawaii
  • Suncadia, Roslyn, Washington: a market and financial analysis for all components (lodging, timeshare, fractional, real estate, retail, golf, spa, recreation center, etc.) of this new $1.0 billion, 6,300-acre resort community now being developed based on our recommendations in Washington’s Cascade Mountains, 1.5 hours east of Seattle. Suncadia is one of the largest and most complex new resorts being developed in North America. Peterson Economics remained involved with the planning and development of Suncadia on nearly a daily basis, interacting with virtually all top project managers and executives from both Lowe Enterprises and Jeld-Wen involved with the project. We have assisted with the following issues, among others: (1) club structuring; (2) lodge ownership structure/market positioning and design; (3) village design and phasing; (4) amenity design; (5) real estate products and pricing; (6) HOA structure; and (6) resort marketing. Real estate sales began in 2004, with more than 1,000 second-home properties sold to date. See detailed overview.
  • Spruce Peak at Stowe, Vermont: a new, upscale, 221-acre, 1,000-unit base village development at the Stowe Mountain Resort in Stowe, Vermont. Peterson Economics completed four analyses for this project, which will include an 18-hole regulation-length golf course, approximately 30,000 square feet of retail and commercial space, an owner’s club, approximately 20 single-family homesites, 20 ski-in/ski-out duplex townhomes, and several hundred whole-ownership and fractional condominiums. As part of our ongoing research for this project, we recently completed an overview of ski-in/ski-out homesite pricing and prime unit pricing at 15 of the top destination ski resort areas nationwide. Sales began in 2004 and Spruce Peak has achieved by far the highest prices ever attained for resort real estate in the Northeast.
  • Tamarack, McCall, Idaho: an evaluation of the future potential of Tamarack, a new large-scale ski resort community. This analysis was completed in late 2007 for a REIT contemplating providing financing for this struggling resort, which subsequently declared bankruptcy in early 2008. Peterson Economics was retained to provide a critical analysis of the future potential (and future risks) associated with this project. Based on our analysis, our client passed on this investment opportunity.
  • Brasada Ranch, Bend, Oregon: a market and financial analysis for all components (lodging, real estate, fractional, golf, spa, retail, and equestrian) of a highly successful new 1,800-acre resort community near Bend, Oregon. Real estate sales began in 2005, with more than 400 properties sold to date. See detailed overview.
  • Maluaka, Maui, Hawaii: a proposed new ultra-high-end oceanfront condominium community, now being developed on an 11-acre site within Makena Resort, on Maui. Peterson Economics was asked to evaluate the relative costs and benefits of Four Seasons branding and affiliation. As part of this analysis, Peterson Economics examined top branded resorts throughout Hawaii, Mexico, the Caribbean and Costa Rica, and evaluated where branding adds value, how much, and why. Construction at Maluaka began in late 2007, based on Peterson Economics’ detailed recommendations. This will likely become one of the premier resort/residential communities on Maui, with whole-ownership condo prices in the $4 million to $13 million price range ($1,700 to $2,400 per square foot). The developer initiated sales in early 2007, and sold more than $150 million in the first four months of 2007.
  • Punta Gorda, Los Cabos, Mexico: a market and financial analysis for the Sanchez Navarro Family evaluating potential for a new, ultra-high-end resort community or private club community on a spectacular 2,000-acre oceanfront property in Los Cabos. This project could be positioned as the premier high-end private club community on the west coast of Mexico.
  • Resort at Paws Up: a 10,000-acre ranch on the Blackfoot River near Missoula, Montana. Paws Up Ranch retained Peterson Economics to evaluate potential for a guest ranch, shared ranch, and/or private golf/equestrian/fishing club on this property and to formulate detailed development recommendations and financial projections for the project. The new Resort at Paws Up opened in 2005 and has achieved impressive summer occupancy levels and average daily rates to date, making it one of the top new high-end resort properties in North America.
  • Northern Idaho Resort Community: a market and financial analysis for a proposed new resort/second-home community on a 12,000-acre site in northern Idaho, oriented toward affluent second-home buyers and summer-season residents.
  • Fairmont Resort, Monterey Peninsula, California: a proposed new Fairmont-branded condo-hotel and resort near Monterey and Carmel, California.
  • San Luis Pass, Galveston, Texas: a new 1,100-acre waterfront resort on the southwestern tip of Galveston Island in Texas. The resort features about 1,000 residential units, along with a retail center, restaurants, a fitness center, a 350-slip marina and yacht club, an upscale beach club, and a network of beach-to-bay pedestrian trails. Sales are now underway with strong success to date.
  • XS Ranch, Austin, Texas: a market and financial analysis for two proposed new resort-style communities within a 40,000-acre ranch east of Austin, Texas.
  • Oceanfront Golf Resort: a proposed new high-end golf resort on the ocean in Westport, Washington, featuring a links-style oceanfront golf course, a high-end hotel, and oceanfront condos.
  • Brian Head Ski Resort: an existing ski area in southern Utah with a major expansion planned, including a new private golf/ski club community. Peterson Economics completed a market and financial analysis for Brian Head, seeking to determine: (1) what expansions the ski area should complete; (2) what is the highest and best use of six existing ski-in/ski-out development parcels around the resort; and (3) what is the highest and best use for a 1,700-acre parcel adjacent to the resort that could be developed to include a private golf club and private or semi-private ski hill.
  • Clear Creek Ranch, Lake Tahoe, Nevada: a market and financial analysis for a proposed new ultra-high-end private golf club community consisting of 367 whole-ownership lots and 18 high-end fractional cabins. This project will be located on a 1,600-acre site bordering national forest land about five miles east of Lake Tahoe.
  • Caldera Springs, Sunriver, Oregon: a market and financial analysis for Lowe Enterprises’ highly successful new Caldera Springs community adjacent to Sunriver and Crosswater, which sold about 300 units in its first 1.5 years of sales.
  • The Hollows, Lake Travis, Texas: a market analysis for Centex Destination Properties’ highly successful new second-home community on the North Shore of Lake Travis, in the Texas Hill Country west of Austin.
  • Daybreak/Chelan Butte, Chelan, Washington: a market and financial analysis for a proposed new high-end golf resort community, modeled after Black Rock and Iron Horse, to be located on a 1,200-acre site overlooking Lake Chelan in Washington’s Cascade Mountains.
  • Northern Idaho Ski Resort: a market and financial analysis for a proposed expansion of an existing ski area in northern Idaho and development of an associated new base village (with lodging, retail, golf, and up to 2,000 residential units).

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View from the Suncadia Lodge.

View from the Suncadia Lodge.

The Suncadia Lodge

The Suncadia Lodge.