Large-Scale Destination Resorts in the United States

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

• 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 500 homesites selling in 2004 alone. See detailed overview.
• San Luis Pass, Galveston, Texas: a market analysis for Centex Homes’ new 1,100-acre waterfront resort on the southwestern tip of Galveston Island, featuring 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.
• Spruce Peak at Stowe, Vermont: a new, upscale, 221-acre, 1,000-unit base village development at Mount Mansfield 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.
• 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. See detailed overview.
• Maluaka, Maui, Hawaii: a proposed new ultra-high-end oceanfront resort on Maui. For this resort, Peterson Economics was asked to evaluate the relative costs and benefits of Four Seasons branding and affiliation. This will likely become the premier resort/residential community on Maui, with whole-ownership condo prices in the $4 million to $7 million price range ($1,700 to $2,400 per square foot). 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.
• Paws Up Ranch: 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.
• San Luis Pass: 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.
• 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. The landowner is working in conjunction with Lowe Enterprises, and asked Lowe to bring in the nation’s top resort land planner and top market analyst. Lowe selected Hart Howerton as the land planner and Peterson Economics as the market analyst.
• 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.
• Harper, Sunriver, Oregon: a market and financial analysis for Lowe Enterprises’ proposed new “Harper Project” adjacent to Sunriver and Crosswater. This new resort will likely feature about 400 second-home units, along with an 18-hole golf course, boutique inn, spa, and series of lakes.
• 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.
• 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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