Deer Valley Announces 199-Year Lease Agreement With Extell

Aug 12, 2019

Credit Extell-Mayflower Map

Deer Valley Resort announced a new lease with the owners of the land beneath the Mayflower and Sultan Lifts.

Deer Valley Resort and Extell Development Company have agreed to a 199-year land lease for the lifts. Monday’s announcement came from Alterra Mountain, the operator of Deer Valley Resort Company, LLC. Extell bought the land under the lifts in 2017. The Mayflower Mountain Resort plans to develop a four-season destination mountain resort in Wasatch County, west of the Jordanelle Reservoir.

The press release from Alterra Mountain, the operator of the Deer Valley Resort Company , says the existing lease arrangements with Extell, developer of the Mayflower Mountain Resort, have been restructured.

Chairman and Founder of Extell, Gary Barnet says the lease ensures a long relationship between his organization and Deer Valley. However, the land use lease does not create an operational agreement between Extell and Deer Valley Resort. Barnett declined to comment on whether Deer Valley would be the ski area operator for the planned Mayflower Mountain Resort.

“There’s others out there. So that would be the alternative.”  “Has there been any discussion with Vail, at all?”“I’m not going to discuss who we’re talking to. As I say, we’re still early in terms of what we do with the skiing. And, we’re looking at it."

Wasatch County Manager, Mike Davis has stated that it would be a concern to the county if Deer Valley was not the ski operator. He told KPCW that they have counted on Deer Valley being involved in the ski resort operation of the Mayflower Mountain Resort. Barnet’s response:

“And I think the only part I take away from that, really of substance is, he wants to have a well-run resort. Which, obviously, we are highly confident of our bility to make sure that that’s done. We wouldn’t be managing the skiing, but we certainly could team up with another operator who could run a high quality resort.

Mayflower’s master plan renderings show multiple ski lifts. Barnet declined to comment on the specific terms of the lease and says the ski lift development for Mayflower Resort is not finalized.

“We have the right to access Deer Valley with one lift currently. Okay, that’s the Sultan’s nose area. It’s a good area to land in. But this is still in flux. I don’t know where it’s going to land.”

Todd Shallan, President/COO of Deer Valley Resort commented they are happy to continue the lease agreement and partnership with Extell regarding land use in the Mayflower area of Deer Valley and he says the  revised lease allows them to continue with resort operations by extending their term and better defining existing boundaries.

Barnet says he is pleased to enter into a long-term lease with Deer Valley and hopes to have a long-term partnership with them as they develop the Mayflower land assemblage.

The 5600-acre Extell land holding shares a property line with the Park City Owned Bonanza Flat and with Brighton Estates.