An unfinished condo-hotel near Canyons Village has new ownership and a path to completion.
OKOA Capital, a private credit and specialty finance firm based in Park City, bought the property at auction for $24 million, according to a trustee’s deed in Summit County records.
The project in the Frostwood Village has been under construction for years, stalled and then went to auction after financing and construction problems left contractors claiming more than $14 million in unpaid bills. The previous owners also left thousands in unpaid property taxes.
The new owner is focused on “stabilizing the project, preserving its value and moving it toward a successful completion,” said Ty Corbridge, a co-founder of OKOA Capital.
Hilton has indicated it’s still committed to the project, which would be part of the hotel brand’s Tapestry Collection, Corbridge said. An expected opening date of October 2027 seems reasonable, he added.
Read the full article by Megan Banta at sltrib.com.
This article is published through the Utah News Collaborative, a partnership of news organizations in Utah that aims to inform readers across the state.