Ascent Park City condo project heads to auction after loan default
The Ascent Park City project was set for trustee sale after a $30 million loan default, with nearly $200,000 in taxes and more than $14 million in contractor claims hanging over it.
The Ascent Park City project at 4080 Cooper Ln was scheduled for trustee sale July 22 after defaulting on a $30 million loan, and a notice posted on the construction fence said the unfinished condo-hotel in Canyons Village was up for auction. For would-be buyers and owners who had put down deposits, the sale put their money and their units into limbo.
The fallout stretched well beyond prospective residents. The development carried nearly $200,000 in unpaid property taxes and contractors were claiming more than $14 million in unpaid invoices, leaving Summit County, the trades and the project’s lenders with competing claims on a distressed asset. Nearby property owners and rival developers were also exposed to whatever price the auction might set for high-end condo-hotel product in Park City.
The Ascent had been marketed as a ski-in, ski-out, full-service condo-hotel and is part of Hilton’s Tapestry Collection. One listing described the project as having 120 total residences, underscoring how large the development was supposed to be in the Canyons Village corridor near Park City Mountain and the Frostwood Gondola. Instead of a finished branded lodge, the site became another unfinished project tied to a public auction sign and a heavy stack of obligations.
The financial strain had also been accompanied by related lawsuits and property-tax disputes, signaling that the problems around the project were building over time rather than arriving in a single blow. That matters in Park City’s condo market, where brand, location and ski access can support premium pricing, but a forced sale can reset expectations fast. If the auction clears at a steep discount, it could ripple through nearby valuations and test confidence in future condo-hotel financing in Summit County.
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