Salt Lake City, UT ““ On January 2, Atlanta-based real estate developer Portman Holdings and Salt Lake County announced the selection of Hyatt Hotels Corporation as operator of the new Hyatt Regency Salt Lake City on the corner of 200 South and West Temple. Construction begins in January 2020.
“We are delighted to have closed financing and to commence construction of the state-of-art, 700-key Hyatt Regency convention hotel in Salt Lake City. This is the culmination of a multi-year effort, a strong partnership with the County, and an innovative financing and execution strategy. We are also pleased to continue our 52-year partnership with Hyatt Hotels that began with the iconic Hyatt Regency Atlanta,” said Ambrish Baisiwala, CEO of Portman Holdings.
The project is estimated to cost $377 million and has been partially financed through the Commercial Property Assessed Clean Energy program, which allows for specialty financing to enable green energy design and implementation. The hotel represents one of the first ground-up developments to utilize this program in Utah.
“We are so excited for this project to come to fruition as it has been many years in the making. This convention center hotel will change the urban landscape of Salt Lake City and help strengthen the local economy,” said Salt Lake County Mayor Jenny Wilson. “We want to thank our incredible partners at the state, the city, and across the private sector. Without their cooperation and dedication, this project would never have become a reality.”
The 686,784 square foot, 26-story hotel will have 700 guest rooms and 60,000 square feet of meeting space. The hotel will have two separate restaurants on the first and sixth floors and a lobby bar. The sixth-floor restaurant will sit adjacent to an outdoor amenity area, inclusive of a pool and a 7,500 square feet outdoor terrace for events and other activities. The project will be directly connected to the Salt Palace Convention Center for seamless access to convention attendees staying at the hotel or using its offerings.
“This is one of the most exciting developments we’ve seen in the last 20 years,” said Mark White, Senior VP of Sales & Services for Visit Salt Lake. “It takes full advantage of our stunning mountain backdrop and the downtown’s urban setting. Our sales team now has everything meeting professionals want, and we’re ready to compete for more and larger tradeshows and conventions.”