- GoldenTree Asset Management provided a $482.5M construction loan for The Stockman in Steamboat Springs, Bloomberg reported.
- The ski-in, ski-out project will include 95 residences and a 59-room hotel under the Auberge Collection brand.
- Developer Marquee Development said more than 25% of the homes are sold, including a $19M rooftop residence.
Bloomberg reports that developers secured a $482.5M construction loan for The Stockman in Steamboat Springs. Its coverage of The Stockman financing identifies GoldenTree Asset Management as the lender. GoldenTree Asset Management provided the debt for the ski-in, ski-out resort. The project will combine luxury residences with a 59-room Auberge Collection hotel.
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The Details
Marquee Development is leading The Stockman, which will include 95 residences in addition to the hotel, according to Bloomberg. Managing principal Eric Nordness said more than 25% of the homes have already sold. Four sales were rooftop barn residences with double-height ceilings, including one contract for $19M.
Bloomberg said the developer identified that $19M contract as the most expensive residential deal in Steamboat Springs this year. Remaining units are priced from $1.8M to $18M. Nordness expects the residences to sell out within a year.
The residential component spans several luxury price points rather than a single product. Bloomberg reported that remaining homes start at $1.8M and reach $18M, while the completed resort will pair ownership units with hotel operations under the Auberge Collection brand.
Why It Matters
The financing backs a large luxury hospitality and residential project in a mountain resort market. Nordness told Bloomberg that Marquee is confident in luxury demand for both hotels and residences. He also said Steamboat Springs has not previously had this type of luxury product.
Large construction loans remain available for select hotel projects with strong luxury positioning and presales. For The Stockman, more than one-quarter of residential inventory is already under contract before opening, giving the development an established sales base alongside the hotel component.
Nordness said Marquee remains a strong believer in the luxury segment for both hotels and residences. The development is designed to bring that positioning to a ski market where the developer sees limited comparable luxury product.
What’s Next
The Stockman is scheduled to open in 2030, according to Bloomberg. The resort will include restaurants, bars, a full-service spa and a fitness center. Steamboat Springs is about 150 miles north of Aspen and is known for skiing conditions tied to its light, dry snow.
The next milestones are continued residential sales and construction toward the planned opening. Nordness said he expects the remaining homes, currently priced up to $18M, to be sold within the next year.
