The Cynosure Group, a Salt Lake City-based investment firm, announced that it has acquired Park City-based Utah Development and Construction to form a new joint venture with Clyde Capital Group focused on hospitality and mixed-use projects across the Intermountain West.
As part of the transaction, Utah Development and Construction will be reorganized into a newly established development platform jointly owned by Clyde Capital Group, a subsidiary of Clyde Companies, and Cynosure Elevations, the real estate investment arm of The Cynosure Group. Cynosure Elevations will operate as an integrated component of Cynosure’s broader asset management business.
The move marks a significant milestone for The Cynosure Group as it continues to expand its real estate and partnership strategy. In December 2024, the firm closed a $750 million growth fund, and in May 2025, it announced a joint venture with Checketts Sports Capital, reinforcing its emphasis on long-term strategic investment partnerships.
The new venture will target premier resort markets throughout the Intermountain West, with multiple projects already underway. The partnership aims to scale development efforts in high-growth resort and mixed-use destinations across the United States.
Christopher M. Conabee, Founder and Principal of Utah Development and Construction, and Brook Cole, Land Acquisition Executive at Clyde Capital Group, will serve as Co-Managers of the joint venture. Clyde Capital Group currently manages a portfolio spanning more than 20,000 acres across resort and lifestyle destinations in the Intermountain West.
Founded in 2013, The Cynosure Group is a private investment firm backed by the Eccles family of Salt Lake City. The firm manages billions of dollars across private equity, real estate, credit, and public markets on behalf of family offices and institutional investors, with offices in Salt Lake City and New York. Spencer P. Eccles, Co-Founder and Managing Director, previously led Utah’s economic development office and serves as an advisor to the Governor on economic development matters. Randal Quarles, Chairman of Cynosure, is a former Vice Chair of the Federal Reserve and has held senior roles at The Carlyle Group, the U.S. Treasury, and the International Monetary Fund.
Founded in 2014 as the real estate and development division of Clyde Companies, Clyde Capital Group focuses on resort and mixed-use development and was established to meet the evolving needs of vertical construction clients while advancing the sustainable development of its property holdings. Utah Development and Construction draws inspiration from the legacy of the Utah Construction Company, known for completing the Hoover Dam ahead of schedule and under budget, and is recognized for its collaborative approach to complex, large-scale projects.
KEY QUOTES
“At Cynosure, we seek out best-in-class partners who share our long-term vision and core values. Clyde Capital Group exemplifies that alignment, and we believe that together, we’re well-positioned to create some of the most compelling lifestyle and resort destinations in the country.”
Spencer P. Eccles, Co-Founder And Managing Director Of The Cynosure Group
“Over the past decade, we have continued to grow and build UDC into a development firm recognized by its award-winning projects. In planning for our future, scaling thoughtfully and strategically with integrous partners has always been a priority. With Clyde Capital Group’s rapid growth and our longstanding relationship with Cynosure, the decision to unite under a shared vision was both natural and compelling.”
Christopher M. Conabee, Founder And Principal Of Utah Development And Construction
“With a legacy rooted in infrastructure, master planning, and horizontal development, Clyde has been involved in the development of large-scale, thoughtfully integrated communities that reflect and enhance their natural and cultural surroundings.”
Brook Cole, Land Acquisition Executive At Clyde Capital Group
“What makes this partnership truly special is our shared DNA. We’re aligned in strategy, values, and purpose — from our dedication to building community to a mutual commitment to philanthropy and high-impact development in resort markets across the United States.”
Brandon Henrie, President Of Clyde Capital Group
