A ski-in, ski-out hotel and residence project that broke ground this year at the base of Steamboat Resort has secured $482.5 million in financing.
Newmark Group (Nasdaq: NMRK) announced on Sept. 23 that it arranged the loan on behalf of Stockman Development LLC, the entity led by Marquee Development that is building The Stockman, Auberge Collection, in Steamboat Springs, Colo. GoldenTree Asset Management provided the financing. GoldenTree, an employee-owned global asset manager founded in 2000, says it manages more than $71 billion, mostly in credit strategies, from 12 offices.
The Newmark team was led by Jordan Roeschlaub, co-president of global debt and structured finance, with Vice Chairman Nick Scribani, Managing Director Tyler Dumon and Director Holden Witkoff. Roeschlaub and Scribani also worked on the financing behind Related Ross’s purchase of the former IBM campus in Boca Raton, Fla., announced five days earlier.
What is being built
The Stockman will rise nine stories at 1965 Ski Time Square Drive, with 95 branded residences and a 59-key hotel operated under the Auberge Resorts Collection. OZ Architecture is leading the building design, with interiors by Nunzio Marc DeSantis Architects. Berkshire Hathaway is leading residential sales.
The hotel and the residences are scheduled to open at the same time in 2030. Planned amenities include direct ski-in/ski-out access to Steamboat Mountain, a Wellbeing by Auberge spa and pool, ski valet and storage, multiple food and beverage venues, slopeside après, an owners’ lounge and private terraces.
Auberge Resorts Collection describes its portfolio as 39 hotels, resorts, safaris, residences and private clubs. Marquee Development, the sponsor’s lead, describes itself as a full-service developer specializing in entertainment districts next to sports and cultural venues.
Presales carried the deal
The financing arrived on the back of unusually fast residential sales. In its own announcement of the loan, the development said more than 25% of the residences have gone under contract since sales launched earlier this summer, including four of the signature rooftop “Barn” residences. One of those went under contract at $19 million, which the developer called the highest-priced home to go under contract in Steamboat in 2026.
Neither release draws the connection explicitly, but on our reading the presale pace is the most relevant number in the announcement: a lender committing to a project that will not open until 2030 is underwriting contracts, and a quarter of the residences were spoken for within a few months of launch.
“Steamboat stood out to us because of its long-term vision and the thoughtful way the community has approached growth,” said Eric Nordness, managing principal of Marquee Development.
The Steamboat context
Steamboat Springs has been on the receiving end of a substantial capital program at the mountain itself. Newmark’s release ties The Stockman to the next phase of Alterra’s investment at the resort, following a $250 million reinvestment program branded “Full Steam Ahead” that the release says transformed Steamboat Resort and positioned the mountain as a year-round destination.
The Stockman is billed by its developer as the only luxury branded ski-in, ski-out residences in Steamboat Springs. Newmark, for its part, describes the project as one of the first luxury resorts developed in Steamboat.
Capital has kept moving toward resort and hospitality assets. Institutional buyers have continued to pay up for supply-constrained leisure destinations — Sixth Street’s $190 million purchase of the Pier House Resort in Key West in August is a recent example — and lenders have stayed active on existing hotels, as in the $120 million recapitalization of a dual-branded hotel in New Orleans. Ground-up resort construction at this scale is rarer, which is what distinguishes the Steamboat loan.
Newmark reported revenues of more than $3.6 billion for the twelve months ended June 30, 2026, and said it operated from more than 195 offices with more than 10,000 professionals as of that date. Neither release disclosed the loan’s interest rate, term or structure.
