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Smith Financial Corporation Acquires Home Capital Group Inc.

September 6, 2023 By Business Wire

TORONTO–(BUSINESS WIRE)–Smith Financial Corporation (“Smith Financial”) today announced the completion of its plan of arrangement under the Business Corporations Act (Ontario) (the “Arrangement”). Pursuant to the terms of the Arrangement, a wholly-owned subsidiary of Smith Financial Corporation acquired all the issued and outstanding shares of Home Capital Group Inc. (“Home Capital” or “Home”) (TSX: HCG) that Smith Financial Corporation did not already own for $44.28 in cash per share. Since the Arrangement closed after May 20, 2023, the base consideration of $44.00 in cash per share was increased by $0.28 in cash per share, being an amount equal to $0.00273973 per share in cash per day from and including May 20, 2023 up to and including August 30, 2023.


A New and Proven Owner with Deep Affinity for Customers, Employees and Partners

Now operating as a Smith Financial Corporation company, Home Capital will maintain its focus on delivering great service to customers and business partners and leveraging its award-winning work culture.

“For many reasons, including the strength of Home’s brand among mortgage brokers, deposit brokers and hundreds of thousands of customers across Canada, we are delighted to welcome this market-leading company and its hard-working team into the Smith Financial Corporation family,” said Stephen Smith, founder and CEO of Smith Financial Corporation. “Home Capital is a strategic holding for us, and we will give our support to preserve, protect and advance Home’s place in the industry under its dedicated leadership. We look forward to collaborating with all Home stakeholders as a committed long-term owner.”

With the Arrangement now complete, Home Capital’s common shares are expected to be delisted from the Toronto Stock Exchange shortly after the date hereof. Home Capital also will apply to cease to be a reporting issuer under applicable Canadian securities laws.

Action Required by Home Capital Shareholders

Registered shareholders of Home Capital are reminded to submit a duly completed letter of transmittal and, as applicable, the certificate(s) representing their common shares, as applicable, to Computershare Investor Services Inc. (“Computershare”). Registered shareholders who have questions or require assistance can contact Computershare toll free at 1-800-564-6253 in North America, or at 1-514-982-7555 outside North America, or by email at corporateactions@computershare.com

For additional details regarding the Arrangement see Home Capital’s management information circular dated January 6, 2023, a copy of which can be found under Home Capital’s profile on SEDAR at www.sedarplus.ca.

Caution Regarding Forward Looking Statements

This press release contains forward-looking information within the meaning of applicable Canadian securities legislation, including related to when Home Capital’s common shares will be de-listed from the Toronto Stock Exchange and Home Capital will cease to be a reporting issuer under applicable Canadian securities laws. Such forward-looking information necessarily involves known and unknown risks and uncertainties and assumptions. These risks, uncertainties and assumptions include, but are not limited to, management’s expectations, intentions and beliefs concerning anticipated future events, results, circumstances, economic performance or expectations with respect to Home Capital and/or Smith Financial Corporation, including, as applicable, the delisting of the Home Capital common shares and Home Capital’s application to cease to be a reporting issuer. Therefore, forward-looking information should be considered carefully and undue reliance should not be placed on such information. Please note that forward-looking information in this press release reflects management’s expectations as of the date hereof, and therefore is subject to change. Home Capital disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. Please refer to Home Capital’s 2023 Second Quarter Report, available on Home Capital’s website at www.homecapital.com, and on SEDAR at www.sedarplus.ca, for Home Capital’s Caution Regarding Forward-looking Statements.

About Smith Financial Corporation

Smith Financial Corporation was founded by one of Canada’s leading financial services entrepreneurs and his family. With a long-term philosophy shaped by Smith family values, our purpose is to partner with and nurture great companies. Today, Smith Financial has significant equity positions in Canada Guaranty Mortgage Insurance Company, Fairstone Bank of Canada, First National Financial Corporation (TSX: FN), Glass-Lewis & Co., Home Capital, Equitable Bank (TSX: EQB), and Peloton Capital Management and its private equity funds. Please visit Smith Financial Corporation for more information.

About Home Capital

Home Capital operates through its principal subsidiary, Home Trust Company. Home Trust Company is a federally regulated trust company offering residential and non-residential mortgage lending, securitization of residential mortgage products, consumer lending and credit card services. In addition, Home Trust Company and its wholly owned subsidiary, Home Bank, offer deposits via brokers and financial planners, and through a direct-to-consumer brand, Oaken Financial. Licensed to conduct business across Canada, we have offices in Ontario, Alberta, British Columbia, Nova Scotia, and Quebec.

Contacts

Longview Communications & Public Affairs
Jill MacRae
Partner
437-922-9215
jmacrae@longviewcomms.ca

Timbercreek Financial Comments on Groupe Huot Loans

September 5, 2023 By Globenewswire Tagged With: TSX:TF

TORONTO, Sept. 05, 2023 (GLOBE NEWSWIRE) — Timbercreek Financial Corp. (TSX: TF) (the “Company” or “Timbercreek Financial”) today provided commentary and clarification on its loans to Groupe Huot Inc. (“Groupe Huot”), a Quebec-based real estate developer. As disclosed in the Company’s Q2 2023 financial results, Timbercreek Financial is a secured creditor to Groupe Huot on… [Read More]

CAPREIT Capital Allocation Update – $172MM in Strategic Transactions

September 5, 2023 By Globenewswire Tagged With: TSX:CAR.UN

TORONTO, Sept. 05, 2023 (GLOBE NEWSWIRE) — Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that, since its last transaction press release on June 8, 2023, it has closed on six non-core dispositions in Canada, and has entered into an agreement to dispose of an additional non-core property, for combined consideration of… [Read More]

Bobcat Backyard Makeover Contest Winner Announced, Plans Include Wheelchair Accessible Garden

September 5, 2023 By Business Wire

Bobcat fans voted to decide the winner of the $25K backyard makeover, and the opportunity to meet country music superstar Justin Moore

WEST FARGO, N.D.–(BUSINESS WIRE)–The votes are tallied, and Bobcat Company is thrilled to announce the winner of the Bobcat Backyard Makeover Contest is Julie Rummer from Turlock, Calif.


Julie will receive a $25,000 backyard makeover using Bobcat equipment to transform her backyard and garden. She will also have the opportunity to meet country music superstar – and Bobcat enthusiast – Justin Moore.

Five finalists were selected based on the originality and creativity in their contest entry submission, as well as sharing the impact of how a backyard makeover would empower them to accomplish more. Julie’s powerful story received the most votes from the public.

Julie survived an auto accident in 1995 that left her paralyzed as a quadriplegic. She is now wheelchair dependent, and often encounters challenges maneuvering in her backyard. While she loves to garden, the dirt and weeds often get stuck in her wheelchair. She would like to makeover her backyard and make it wheelchair accessible so she can be outdoors more often, which she says helps her forget her mobility limitations.

“We are thrilled to announce Julie Rummer as the winner of the Bobcat Backyard Makeover Contest and can’t wait to bring her backyard dreams to life,” said Laura Ness Owens, vice president of global brand and communications and North American marketing. “At Bobcat, we are committed to empowering people to conquer their biggest challenges, and we are proud to help Julie in her pursuits by enhancing her backyard.”

Julie and her husband love to entertain family, friends and neighbors at their home. They have dreamt of making improvements to their yard – both visually and to make it more wheelchair-friendly – but haven’t had the time or money.

“Gardening is one of my biggest passions and being outdoors makes me forget my daily limitations. I am so incredibly grateful to Bobcat for this opportunity to create a completely accessible yard that will allow me the garden of my dreams,” said Julie. “I’ve been brought to tears at the thought of winning this contest. The kindness, love and support from my family, friends, neighbors and total strangers has filled my heart.”

In addition to the backyard makeover, Julie will have the opportunity to meet Justin Moore as he joins the Bobcat team in the renovation project. Moore has been a brand ambassador for Bobcat Company since 2021. As an owner and operator of multiple pieces of Bobcat equipment, including a compact loader and compact tractor, Moore keeps busy on his 80-acre property in Arkansas.

In addition to meeting Moore, Julie will work with an area landscape contractor and her local Bobcat dealer to plan and create her dream backyard.

“Bobcat is known for empowering people and in my case, they are helping me to enjoy more sunshine and time in my happy place – my backyard,” said Julie. “Thank you for your generosity and commitment to lifting people up and helping me find a new path.”

Media Resources: Photo assets are available for download at this Dropbox link.

About Bobcat Company

Since 1958, Bobcat Company has been empowering people to accomplish more. As a leading global manufacturer of compact equipment, Bobcat has a proud legacy of innovation and a reputation based on delivering smart solutions to customers’ toughest challenges. Backed by the support of a worldwide network of independent dealers and distributors, Bobcat offers an extensive line of compact equipment, including loaders, excavators, compact tractors, utility products, telehandlers, mowers, attachments, implements, parts, and services. In 2024, Bobcat will expand its brand with the addition of portable power, industrial air and industrial vehicle offerings. Headquartered in West Fargo, North Dakota, Bobcat continues to lead the industry with its new and innovative offerings.

The Bobcat brand is owned by Doosan Bobcat, Inc., a company within the Doosan Group. Committed to empowering people to accomplish more, Doosan Bobcat is dedicated to building stronger communities and a better tomorrow.

©2023 Bobcat Company. All rights reserved.

Contacts

Nadine Erckenbrack, Bobcat Public Relations Manager

Email: na.newsroom@doosan.com
Mobile: 701-205-9207

Euclid Chemical Opens New Admixture Plant in Calgary

September 4, 2023 By Business Wire

CLEVELAND–(BUSINESS WIRE)–Euclid Chemical, a leading manufacturer of concrete and masonry construction products, has announced the opening of a new admixture plant in Calgary, Alberta. This facility will enable the company to better serve its customers in the region by providing high-quality admixture solutions that meet their needs.


Positioned in a prime location with access to nearby railways and major transportation routes, this newly established facility ensures quick and efficient product delivery throughout the area. The Calgary plant will improve overall service levels by reducing lead times and ultimately delivering a better customer experience.

The newly operational facility is equipped with the latest equipment and technology, including advanced mixing and batching systems that provide accurate and consistent dosing of admixture ingredients. Euclid Chemical’s team of skilled and experienced on-site technicians operate the plant and confirm that every batch of admixture meets strict quality standards before being shipped to customers.

“The Calgary plant represents a significant step forward in our journey to enhance customer satisfaction and meet the growing demand in Canada,” said Thomas Gairing, president of Euclid Chemical. “We are committed to providing quality products and services while constantly improving our operations and capabilities to better serve our customers.”

To view the plant’s visual assets, visit https://bit.ly/3qy4BzT.

About Euclid Chemical

Headquartered in Cleveland, Ohio, Euclid Chemical has served the global building market for more than a century as a leading manufacturer and supplier of specialty products and technical support services for the concrete and masonry construction industry. Euclid Chemical’s expansive product line includes admixtures, fiber reinforcement, concrete repair products, flooring materials, decorative concrete systems, and more. Learn more at www.euclidchemical.com.

Contacts

Victoria Pishkula

vpishkula@roopco.com
216-902-3800

The Real Brokerage Welcomes David Newman Partners

September 1, 2023 By Business Wire

The top-producing team specializes in luxury sales in Phoenix, Scottsdale and beyond with a focus on getting top-dollar for sellers

TORONTO & NEW YORK–(BUSINESS WIRE)–$REAX #therealbrokerage–The Real Brokerage Inc. (NASDAQ: REAX), the fastest-growing publicly traded real estate brokerage, announced today that top-producing luxury agent David Newman along with his 12-member team have joined the company. With a proven track record of garnering top-dollar for sellers, Newman specializes in luxury sales across Phoenix, Scottsdale, Paradise Valley and Southeast Valley.




“We are excited to welcome David and his team to The Real Brokerage family as we continue to attract top producers to our agent-first platform,” said Real President Sharran Srivatsaa. “David’s dedication to maximizing marketing and optimizing value for sellers aligns with the Real platform and our mission to give our agents the tools they need to succeed by providing the best consumer experience possible.”

With a passion for luxury home sales and more than 20 years of real estate experience, Newman joined forces with Walt Danley, one of the industry’s most influential and successful luxury agents, in 2014. Since that time, Newman has consistently ranked as one of the top-producing agents in the state of Arizona and at several leading national brokerage firms. In 2022, his team closed nearly 500 transactions totaling nearly $300 million in sales.

Reflecting on his decision to join Real, Newman said, “Our search for a brokerage that prioritizes both its agents and technological innovation led us to The Real Brokerage. The synergy between Real’s commitment to agents’ long-term success and our dedication to exceptional client service was unmistakable. Real’s technology-driven approach is unparalleled, allowing us to elevate our productivity and amplify the level of service we provide.”

About Real

The Real Brokerage Inc. (NASDAQ: REAX) is revolutionizing the residential real estate industry by pairing best-in-class technology with the trusted guidance of the agent-led experience. Real delivers a cloud-based platform to improve efficiencies and empower agents to provide a seamless end-to-end experience for home buyers and sellers. The company was founded in 2014 and serves 48 states, D.C., and four Canadian provinces with more than 11,000 agents. Additional information can be found on its website at www.onereal.com.

Forward-Looking Information

This press release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. These statements reflect management’s current beliefs and are based on information currently available to management as of the date hereof. Forward-looking information in this press release includes, without limiting the foregoing, expectations regarding Real’s ability to continue to attract agents.

Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to Real’s business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. Real considers these assumptions to be reasonable in the circumstances. However, forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking information. Important factors that could cause such differences include, but are not limited to, slowdowns in real estate markets, economic and industry downturns and Real’s ability to attract new agents and retain current agents. These factors should be carefully considered and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Real cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and Real assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

Contacts

Investor inquiries:

Jason Lee

Vice President, Capital Markets & Investor Relations

investors@therealbrokerage.com
908.280.2515

For media inquiries, please contact:

Elisabeth Warrick

Senior Director, Marketing, Communications & Brand

elisabeth@therealbrokerage.com
201.564.4221

Terra Firma Capital Corporation Announces Definitive Agreement to Be Acquired in Transaction Valued at C$46 Million

August 31, 2023 By Globenewswire Tagged With: TSX-V:TII

All amounts are stated in United States dollars unless otherwise indicated. TORONTO, Aug. 31, 2023 (GLOBE NEWSWIRE) — Terra Firma Capital Corporation (TSX-V: TII) (“Terra Firma” or the “Company“), a real estate finance company, is pleased to announce that the Company and GM Capital Corp. (the “Buyer”), an affiliate of Y. Dov Meyer, the executive… [Read More]

Firm Capital Apartment REIT Completes Sale of New Jersey Property for $19.5 Million

August 31, 2023 By Globenewswire Tagged With: TSX-V:FCA.U, TSX-V:FCA.UN

All figures in $USD unless otherwise noted. TORONTO, Aug. 31, 2023 (GLOBE NEWSWIRE) — Firm Capital Apartment Real Estate Investment Trust (the “Trust”), (TSXV: FCA.U), (TSXV: FCA.UN) is pleased to report that it has completed the previously announced sale of its property located in New Jersey for $19.5 million. Net of associated mortgage debt and… [Read More]

H.I.G. Realty Obtains LEED Platinum Certification in Recently Refurbished Hotel in Switzerland

August 31, 2023 By Business Wire

LONDON–(BUSINESS WIRE)–#ArtBasel–H.I.G. Capital, LLC (“H.I.G.”), a leading global alternative investment firm with $58 billion of capital under management, is pleased to announce that it has obtained LEED Platinum certification on the recently refurbished Basel Marriott Hotel in Basel, Switzerland.


The property, previously known as Swissôtel Basel, underwent a significant renovation and rebranding programme and is now the Basel Marriott Hotel. The hotel is located in close proximity to the Congress Centre and Messe Basel which host prestigious events such as Art Basel, in addition to numerous notable medical and life-sciences conferences, as Basel is one of the largest life-sciences hubs in Europe. As a result of the renovation and rebrand, the hotel is now a leader in its reference market.

Riccardo Dallolio, Managing Director and Head of H.I.G. Realty in Europe commented: “We have successfully implemented our value-add plan on our Hotel in Basel which now benefits from state-of-the-art facilities and rooms resulting in strong operating performance.”

Alessio Lucentini, Managing Director and Head of Asset Management at H.I.G. Realty in Europe, added: “We have recently strengthened our Asset Management team with the addition of Federico Faravelli, formerly Head of Asset Management U.K. and Ireland at AXA Real Assets and a specialist in ESG. In addition to achieving LEED Platinum in Basel, we have recently achieved LEED Gold on two of our other assets in Italy. This has also allowed us to reduce the borrowing costs for the two assets, and helped reduce operating costs due to the properties’ improved energy efficiency. We will continue to focus on ESG initiatives that can add value to our portfolio.”

About H.I.G. Capital

H.I.G. is a leading global alternative investment firm with $58 billion of equity capital under management.* Based in Miami, and with European offices in London, Hamburg, Madrid, Milan, Paris and U.S. and Latin American offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, Atlanta, Bogotá, Rio de Janeiro, São Paulo. H.I.G. specializes in providing both debt and equity capital to middle market companies, utilizing a flexible and operationally focused/value-added approach:

  1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
  2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance.
  3. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
  4. H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $52 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.

* Based on total capital raised by H.I.G. Capital and its affiliates.

Contacts

Riccardo Dallolio

Managing Director

rdallolio@higrealty.com

H.I.G. Capital

P +44 (0) 207 318 5700

F +44 (0) 207 318 5749

www.higcapital.com

Home Capital Announces Receipt of Final Regulatory Approvals and Expected Closing Date for Acquisition by Smith Financial Corporation

August 30, 2023 By Business Wire

TORONTO–(BUSINESS WIRE)–Home Capital Group Inc. (“Home Capital”) (TSX: HCG) is pleased to announce that the required regulatory approvals under the Bank Act (Canada) and Trust and Loan Companies Act (Canada) have been granted by the Federal Minister of Finance in respect of the previously announced acquisition of Home Capital by a wholly owned subsidiary of Smith Financial Corporation (“SFC”) (such acquisition, the “Arrangement”) and that the Arrangement is expected to be completed on August 31, 2023, subject to the satisfaction of customary closing conditions.


Pursuant to the Arrangement, SFC has agreed to acquire the issued and outstanding common shares of Home Capital that SFC does not already own for $44.00 in cash per share (the “Purchase Price”). Since the Arrangement did not close on or prior to May 20, 2023, the Purchase Price will be increased by an amount equal to $0.00273973 per share in cash per day up to and including the day prior to the closing of the Arrangement (equivalent to approximately $0.25 per share for every three-month delay beyond May 20, 2023). Completion of the Arrangement on August 31, 2023 will result in a Purchase Price of $44.28 in cash per share.

Home Capital previously applied for and obtained an exemption from the Toronto Stock Exchange’s requirement to hold its annual shareholder meeting (the “Meeting”) by June 30, 2023, provided the Meeting is held on or prior to September 29, 2023. Since the Arrangement is expected to be completed prior to September 29, 2023, Home Capital will not hold its annual shareholder meeting. Similarly, as the Arrangement will be completed prior to the close of business on August 31, 2023, shareholders will not be paid on September 15, 2023 the previously announced quarterly dividend of $0.15 per common share.

Caution Regarding Forward-Looking Statements

This press release contains forward-looking information within the meaning of applicable Canadian securities legislation, including relating to completion of the Arrangement and the timing thereof, the final Purchase Price and the holding of the annual shareholders meeting. Such forward-looking information necessarily involves known and unknown risks and uncertainties and assumptions. These risks, uncertainties and assumptions include, but are not limited to, failure to, in a timely manner, satisfy customary closing conditions and consummate the Arrangement and other customary risks associated with transactions of this nature. Therefore, forward-looking information should be considered carefully and undue reliance should not be placed on such information. Please note that forward-looking information in this news release reflects management’s expectations as of the date hereof, and therefore is subject to change. Home Capital disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. Please refer to Home Capital’s 2023 Second Quarter Report, available on Home Capital’s website at www.homecapital.com, and on SEDAR at www.sedarplus.ca for Home Capital’s Caution Regarding Forward-looking Statements.

About Home Capital

Home Capital is a public company, traded on the Toronto Stock Exchange (HCG), operating through its principal subsidiary, Home Trust Company. Home Trust Company is a federally regulated trust company offering residential and non-residential mortgage lending, securitization of residential mortgage products, consumer lending and credit card services. In addition, Home Trust Company and its wholly owned subsidiary, Home Bank, offer deposits via brokers and financial planners, and through a direct-to-consumer brand, Oaken Financial. Licensed to conduct business across Canada, we have offices in Ontario, Alberta, British Columbia, Nova Scotia, and Quebec.

Contacts

Longview Communications & Public Affairs
Jill MacRae
Partner
437-922-9215
jmacrae@longviewcomms.ca

Terra Firma Capital Corporation Announces Second Quarter 2023 Financial Results

August 29, 2023 By Globenewswire Tagged With: TSX-V:TII

All amounts are stated in United States dollars unless otherwise indicated. TORONTO, Aug. 29, 2023 (GLOBE NEWSWIRE) — Terra Firma Capital Corporation (TSX-V: TII) (“Terra Firma” or the “Company“), a real estate finance company, today announced its financial results for the three and six-month periods ended June 30, 2023. Q2 2023 Financial Highlights: Total Assets… [Read More]

Alterra Mountain Company Announces Major Expansion of Deer Valley Resort

August 29, 2023 By Business Wire

Utah Resort Will Double Its Skiable Terrain While Adding Premier Hospitality via a New Village and Portal

DENVER–(BUSINESS WIRE)–Alterra Mountain Company, the world’s premier mountain operating company, has announced a major terrain expansion of Deer Valley Resort that will add 3,700 acres of terrain to its world-renowned, ski-only destination located in the Wasatch Mountains in Park City, Utah. In addition, the development of a new village and portal will dramatically improve access to the resort while adding world-class lodging, dining, and retail amenities in partnership with Extell Development Company.


The expansion will more than double Deer Valley’s skiable terrain, adding 16 new lifts and a new 10-passenger gondola, affirming the resort’s commitment to delivering exceptional guest services and a ski-only experience with limited daily skier counts. The diverse terrain will also be supported by a new cutting-edge snowmaking system and feature precise snow grooming that adheres to Deer Valley’s existing standards. The last time Deer Valley saw a significant terrain expansion was for the 2007/2008 winter season, with the addition of 200 acres of skiing on Lady Morgan Mountain.

The complete project will unfold over the next three seasons, with a significant portion of the new lifts and trails set to open as early as the 25/26 winter season. When completed, Deer Valley will offer 5,726 acres of ski-only terrain spread across 10 mountains.

The Deer Valley investment is in addition to the $500 million capital program announced by Alterra earlier this year to enhance the guest and employee experience across its portfolio of 17 destinations.

“Alterra Mountain Company is committed to investing in large-scale projects that will deliver differentiated experiences in incredible places and this project is exactly that,” said Jared Smith, President & CEO, Alterra Mountain Company. “Deer Valley has long been a world-renowned resort and this project will offer guests more of what it has always been known for – legendary service, an exceptional ski-only experience, and industry-leading culinary offerings.”

The resort’s new terrain and village will be entered directly from a new portal via U.S. Route 40, creating a major eastern portal that adds convenient access to the resort from nearly every direction.

Envisioned in partnership with renowned luxury real estate developer Extell, the village and portal will feature over 1,200 new parking spots, and a new skier services facility offering additional premium ski school, equipment rentals, retail, and food and beverage amenities.

“Deer Valley Resort is known across the globe for its unique approach to first-class service. We are committed to building on their well-respected reputation and legacy by attracting some of the world’s best brands, in addition to elevating the living experience by creating luxury residences with exquisite architecture and design,” said Gary Barnett, Founder & Chairman, Extell Development Company. “This partnership with Deer Valley brings together two of the very best in the business of real estate, service and hospitality, and we look forward to working with them to create what will be the crown jewel of Utah.”

In addition to the ski-specific amenities, the new village is slated to have over 800 hotel rooms across multiple properties, nearly 1,700 residential units, 250,000 square feet of retail and commercial space, and 68,000 square feet for recreation center. In addition, the multi-faceted development is expected to create approximately 2,000 new Deer Valley job opportunities.

“Deer Valley Resort is committed to building upon our legacy as one of the world’s most exceptional ski areas while staying true to our founding principles created over four-decades ago,” said Todd Bennett, President & COO, Deer Valley Resort. “This expansion will facilitate even better access to the resort for our guests, while offering a substantial increase in world-class amenities consistent with the resort’s original vision.”

A map of Deer Valley’s planned ski terrain expansion can be viewed here.

A photo gallery of the expanded terrain is available for download here: PHOTOGALLERYLINK
Copyright © 2023 Deer Valley Resort Company. All rights reserved

Additional assets, timelines and updates on Deer Valley’s future are available at https://expandedexcellence.deervalley.com.

About Alterra Mountain Company

Alterra Mountain Company is a family of 17 iconic year-round resorts, the world’s largest heli-skiing operation, and Ikon Pass – the premier ski and snowboard season pass offering access to more than 50 iconic mountain destinations around the world. Headquartered in Denver, Colorado and born out of a shared love of the mountains and adventure, the company has brought together some of the world’s most aspirational brands, including: Steamboat and Winter Park in Colorado; Palisades Tahoe, Mammoth Mountain, June Mountain, Big Bear Mountain Resort and Snow Valley in California; Stratton Mountain and Sugarbush Resort in Vermont; Snowshoe Mountain in West Virginia; Tremblant in Quebec and Blue Mountain in Ontario, Canada; Crystal Mountain in Washington; Schweitzer in Idaho; Deer Valley Resort and Solitude Mountain Resort in Utah; and CMH Heli-Skiing & Summer Adventures in British Columbia. Also included in the portfolio is Alpine Aerotech, a worldwide helicopter support and maintenance service center in British Columbia, Canada, Aspenware, the ski industry leader in technology services and e-commerce, and Ski Butlers, the global leader in ski and snowboard rental delivery. For more information, please visit www.alterramtn.co.

About Deer Valley Resort

Deer Valley Resort located in Park City, Utah, revolutionized the ski industry by providing the first-class service one would receive at a five-star hotel. The ski-only resort offers 21 chairlifts, 103 ski runs, six bowls, 300 annual inches of powder, 2,026 acres of alpine skiing, limited lift ticket sales, numerous restaurants, three elegant day lodges, hundreds of luxury accommodations and a renowned Ski School and Children’s Center. Deer Valley is honored to be ranked as the United States’ Best Ski Resort by the World Ski Awards for 10 consecutive years.

About Extell Development Company

Founded and headed by Gary Barnett, Extell Development Company is a nationally acclaimed real estate developer of residential, commercial, retail, hospitality, and mixed-use properties, operating primarily in Manhattan and other premier cities across the nation. In collaboration with world-class architects and design professionals, Extell creates properties distinguished by sophisticated design, gracious floor plans and first-class amenities. Having pioneered development on Manhattan’s Billionaires’ Row, the firm has developed some of the city’s most notable luxury properties including Central Park Tower, the tallest residential building in the world, and One57, the record-breaking glass tower above Park Hyatt’s five-star flagship hotel. Additional completed projects within the portfolio include One Manhattan Square on the Lower East Side; Brooklyn Point in Downtown Brooklyn; The Lofts Pier Village along the New Jersey Shore; The Intercontinental Hotel and Residences in Boston, MA; 175 West Jackson Street in Chicago, IL; The Four Seasons Resort and Residences Vail in Vail, CO; and The Four Seasons Resort and Club Dallas at Las Colinas in Dallas, TX. For more information, please visit www.extell.com.

Contacts

Amelie Bruzat

The Ashima Group

amelie@theashimagroup.com

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dir.un:ca$14.22-0.41-2.87%
 

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