JACKSON, Wyo. (MTN)—The recession and credit squeeze have delayed big base-area developments on both sides of the Teton Range.
At the base of the Jackson Hole Mountain Resort, plans for a condo-hotel called The Little Nell are on hold. Rob DesLauriers, the developer, said his team is waiting for the arrival of consumers.
On the west side of the Teton Range, near Driggs, Idaho, development plans for an expanded base village were approved last year at Grand Targhee ski area. But Geordie Gillett, who represents the resort-owning Gillett family, said he doesn't see much work beginning until the credit markets improve.
"I'm always in contact with the banks, having generally having that 40,000-foot conversation," he told the Jackson Hole News&Guide. "I don't see a need to pursue financing at this time. It's pretty clear what the answer will be."
County officials tell the newspaper that applications for development were down 340 percent through mid-February, compared with the same period last year. However, the slowdown in applications is less evident in Jackson, the county's only town. But even there, tightened credit is at issue. SR Mills, developer of a condo-hotel, said development is still planned, but not as fast.
"Part of what the bank would use as a down-payment would be the presales of various hotels rooms," he said. "With the lagging real estate market, it makes it more difficult to sell those units, which in turn makes financing more difficult. It's a pretty tough climate out there."
