Every press release about Four Seasons Resort and Residences Telluride repeats the same entry price: residences starting at roughly $4 million. It ran in the trade coverage when the project broke ground in October 2025, and it still circulates as the shorthand for what buying into Telluride's first five-star development costs.
Look at what is actually listed for sale right now and the picture changes. A three-bedroom Hotel Residence on the top floor, 3,307 square feet, is priced at $13,360,000. A fifth-floor corner unit in the same building, 3,154 square feet, lists at $10,425,000. Neither is an outlier or a mistake. They are simply a different product than the $4 million headline describes, and understanding that difference is the whole exercise before anyone signs a reservation agreement.
What the $4 Million Figure Actually Describes
Four Seasons Telluride is not one building with one price ladder. It is two distinct ownership products stacked inside the same three connected structures on a 4.4-acre parcel next to the gondola and Lifts 1 and 4, a site the project's general contractor has called the last remaining snow-front site in the Town of Mountain Village.
The first product is the Private Residence: 26 homes, two to five bedrooms, ranging from 2,064 to 6,445 square feet, sold unfurnished so owners can commission their own interiors. There is no rental program attached to these units. They are built for full-time private use, and the $4 million figure that shows up in every press mention traces back to this end of the project.
The second product is the Hotel Residence: 43 homes, one to four bedrooms, ranging from 821 to 5,514 square feet, delivered fully furnished with interiors by Clements Design. These come with the option, not the obligation, to place the unit into the Four Seasons Villa and Residence Rentals program.
Two different products, two different price logics. A buyer comparing the $4 million entry point to a $13.36 million penthouse listing without knowing which category each number belongs to is comparing apples to a different building.
Why the Remaining Inventory Skews Higher
New luxury developments typically absorb their lowest-priced, smallest units first during presale, and Four Seasons Telluride ran a Friends and Family release of select Hotel Residences at pre-launch pricing before the project broke ground. By the time the general contractor, The Weitz Company, confirmed in its October 2025 groundbreaking announcement that more than 30 percent of the project's 69 residences were sold or under contract, the entry-level one-bedroom Hotel Residences had a considerable head start on absorption compared to the larger penthouse-tier units.
That is not a confirmed sellout, but it is the ordinary pattern in phased luxury presale, and it is consistent with what is now showing up in the market: the available inventory being actively marketed is concentrated at the upper end, three-bedroom penthouse Hotel Residences in the $10 million to $13 million range, rather than the smaller units closer to the original $4 million figure. Anyone shopping this project on the strength of that number should ask directly what remains at that price point, because the answer may be very little.
Private Residence or Hotel Residence: The Comparison That Actually Matters
| Private Residences | Hotel Residences | |
|---|---|---|
| Units | 26 | 43 |
| Bedrooms | 2 to 5 | 1 to 4 |
| Size range | 2,064 to 6,445 sq ft | 821 to 5,514 sq ft |
| Furnishing | Unfurnished, owner-customized | Fully furnished by Clements Design |
| Rental option | None | Optional, via Four Seasons Villa and Residence Rentals |
| Configuration | Standard | Select units offer Lock-Off design |
The Lock-Off feature on select Hotel Residences is worth pausing on. It lets an owner wall off a portion of the home for private use while placing the rest into the rental pool, or the reverse, depending on how they plan to occupy the unit through the year. That flexibility does not exist on the Private Residence side, where the trade-off runs the other way: full design control and full-time privacy, with no built-in income mechanism and presumably a higher carrying cost with no rental offset.
Neither structure is better in the abstract. The decision depends on whether a buyer wants Telluride part-time with a managed income option, or full-time with total control over the finish and no rental exposure at all.
The Financing Behind the 2028 Target
The project carries a $417 million construction loan from JPMorgan Chase, with additional financing from CanAm Enterprises, inside a total development cost of roughly $1 billion. The Weitz Company, a subsidiary of Orascom Construction with more than 75 years of Colorado building experience, is the general contractor on the 532,000-square-foot resort. Completion is slated for 2028, roughly three years out from the October 7, 2025 groundbreaking.
For a buyer, that financing stack is not background trivia. A construction loan of this size backing a $1 billion project signals institutional confidence in the absorption numbers, but it also means the delivery date is tied to a construction schedule that, like any large ground-up resort build, can move. Treat 2028 as a target, not a guarantee, when timing a purchase against other plans.
What Ownership Looks Like Before the Ribbon Cutting
Buying pre-construction here means living adjacent to an active build site for the duration. Through the 2025-26 winter, construction updates from the project itself documented ongoing lane closures on Mountain Village Boulevard, tunnel boring for electrical service, a dewatering system, and water main work that briefly affected the TelSki offices beneath the gondola plaza. This is normal for a phased build of this scale, but it is also a real texture of ownership during the interim years, and it belongs in any pre-purchase conversation, not just the finished renderings.
A milder-than-usual winter did help the pace. Those involved with the project told telluridenews.com in February 2026 that the season's warmer, drier conditions had benefited construction progress. That is a small data point, but it matters to anyone tracking whether the 2028 target is holding.
A Different Kind of Local Knowledge
Sales for Four Seasons Telluride are led by two brokers: Bill Fandel of Compass and Brian O'Neill of Telluride Properties. That second name is not incidental to this brand. Brian O'Neill leads the O'Neill Stetina Group, and his direct role in the project's sales effort means the team has first-hand visibility into unit availability, absorption pacing, and construction timing that a generic market report cannot replicate.
For a buyer trying to sort a genuinely available Private Residence from a Hotel Residence that has already moved, or trying to understand what a specific remaining unit at a specific price point actually includes, that is the difference between reading about the project and talking to someone inside it.
Frequently Asked Questions
Can a Private Residence owner participate in a rental program? No. Only Hotel Residences carry the option to join the Four Seasons Villa and Residence Rentals program. Private Residences are configured for the owner's exclusive use, with no rental mechanism attached.
What is a Lock-Off unit? A Lock-Off is a select Hotel Residence configuration that lets an owner separate part of the home for private use while placing the remainder into the rental pool, giving more flexibility than a standard layout without sacrificing the option to occupy the whole unit when desired.
When will Four Seasons Telluride actually open? The developers have targeted 2028 for completion, roughly three years from the October 2025 groundbreaking. Buyers evaluating pre-construction risk should treat that date as a working target rather than a locked commitment, as with any large ground-up resort project.
If you are weighing a Private Residence against a Hotel Residence at Four Seasons Telluride, or simply need to know what is actually still available at a given price point before you commit, the O'Neill Stetina Group can walk you through the real inventory, not just the number that keeps getting repeated. Schedule a Private Consultation.
