County records show new owner for The Yarrow amid redevelopment debate

Summit County property filings show the DoubleTree by Hilton Park City - The Yarrow was transferred in mid-December to an entity named Park City Yarrow Owner LLC, and a separate filing lists a loan of up to "just over $38 million" tied to the transaction, records reported Feb. 23, 2026. The hotel sits at 1800 Park Avenue, at the intersection of Park Avenue and Kearns Boulevard, a highly visible 4.47-acre site near Main Street and the Bonanza Park neighborhood.

CoralTree Hospitality assumed management of the hotel on Dec. 18, 2025, and the property will continue to operate under the DoubleTree by Hilton brand while CoralTree manages operations. Tom Luersen, president of CoralTree Hospitality, said, "Park City is one of the most iconic mountain destinations in the country, and we’re thrilled to add this property to our growing collection of ski and mountain resorts." CoralTree’s portfolio cited in industry reporting includes Vail, Aspen, Snowmass, Telluride, Lake Tahoe, Mammoth, Jackson and Stowe.

The newly recorded owner lists a North Carolina address care of Barings LLC; Park Record identified Barings as a multinational asset management firm. Park Record’s mid-December transfer language describes the grantor as "a Chicago firm." Other local reporting previously identified the Chicago owner as Singerman Real Estate, LLC, which TownLift noted manages over $4 billion in assets across North America and owns Outlets Park City.

The Yarrow site has been the center of a contentious redevelopment debate since 2024. An open house on Aug. 20, 2024 presented renderings for a mixed-use project featuring ground-floor retail, a rooftop restaurant, public plazas and a multi-use trail, plus a condominium-hotel and restricted affordable residential units including a "building with three floors of affordable housing with private terrace." Planning Commission hearings culminated in a rejection on height grounds on Mar. 27, 2025, when Park City commissioners cited building height as the chief objection.

Project statistics differ across filings: Hotel Project Leads lists 234 residential units for the proposed redevelopment on the 4.47-acre site, while a Town & County headline referenced a 230-unit residential project. Summit County records cited in local reporting put a market value for the property at "over $40 million"; reporting also cautioned the loan figure does not necessarily reflect sale price.

Legal and municipal pathways remain unresolved. Justin Keys, attorney for the prior owner, asked the City Council for a delay while the ownership considered offers and said, "If it sells, then it’s unlikely that there would be a redevelopment." Keys added, "If it does not [sell], and my client, the ownership group, decides to move forward, then we would be looking for a resolution in some way where we could see a development happen." KPCW coverage also noted SB262 as a potential avenue for the owner to seek City Council approval only after exhausting administrative appeals and filing in district court. Keys also said, "We've always contemplated the tunnel as a part of our plan" for a pedestrian tunnel under Kearns Boulevard to Snow Creek Plaza.

With the county transfer recorded in mid-December and management handed to CoralTree in December 2025, questions remain about who will press a redevelopment plan and whether the Bonanza Park revitalization debate will resume under the new ownership.