State, local and private partners reach Convention Center Hotel agreement
Private companies Portman Holdings and DDRM to build hotel on current Salt Palace Convention Center land
SALT LAKE CITY, UT””The Governor’s Office of Economic Development Board members voted today to approve the proposal for a new Convention Center Hotel in downtown Salt Lake City. The Board’s move authorizes post-performance tax incentives in exchange for development of the hotel with ballrooms and meeting space. Once fully operating, the hotel is anticipated to increase direct visitor spending in Utah by up to $45 million per year. Hotel owners DDRM with partner Portman Holdings will build the hotel on current Salt Lake County Salt Palace Convention Center property, on 200 South West Temple.
The hotel is estimated to cost $337 million and will be built on land that currently does not generate tax revenue. Once open, the hotel will immediately benefit Utah’s economy by attracting new conventions to Utah and bringing more customers to Utah businesses.
The 680,000 square foot hotel will directly connect to the Salt Palace Convention Center. The hotel will have 700-750 rooms and be about 325 feet tall. The project includes 62,000 square feet of meeting space, including a 25,000 square foot Grand Ballroom, a 14,000 square foot Junior Ballroom and outdoor rooftop amenity space.
“We are pleased to partner with the County, and DDRM, to build this convention hotel in Salt Lake City. We have found Utah, Salt Lake County, and Salt Lake City to be both business-friendly and a strong destination market; with an excellent airport, infrastructure, and leisure activities in proximity to the Salt Palace Convention Center. We hope this will be the first of many projects we undertake in this market,” said Ambrish Baisiwala, CEO of Portman Holdings.
“DDRM is fortunate to join with Portman to bring this hotel to Utah. Portman’s convention hotel experience, creativity and financial resources are very prominent within the industry worldwide and will help us create something that will make the entire State of Utah proud,” said Stan Castleton of the DDRM Companies.
Portman Holdings and DDRM expect to break ground on the new hotel in Fall 2019 and open in Spring 2022. The hotel operator will be announced early 2019.
About Portman Holdings
Throughout the past 60 years, Portman Holdings has developed over 65 million square feet of premium real estate around the world with a focus on hospitality, office and mixed-use properties. The vertically integrated real estate development, investment and management company commands a successful global network and has a proven track record with the world’s top financial institutions. Portman Holdings continues to achieve success through investor, partner and client relationships that deliver exceptional real estate projects. For additional information, visit www.portmanholdings.com and follow the company on Twitter via @PortmanRE.
About John Portman & Associates
John Portman & Associates (JPA) is an internationally renowned architectural design firm with offices in Atlanta and Shanghai. Established in 1953, JPA has over 65 years of expertise in designing hotels, offices, residences, and mixed-use urban complexes. JPA projects can be seen in more than 60 cities worldwide. The firm’s architecture transcends national borders by striving for universal human appeal, delivering a memorable experience for users and a sound investment for owners and operators. For more information on John Portman & Associates, visit www.portmanusa.com and follow the company on Twitter via @JPortmanAssoc.
DDRM is a veteran real estate developer headquartered in St. George, Utah, with a portfolio of more than $2 billion in projects. This portfolio includes over 5,000 hotel rooms, with brands ranging from Hilton to St. Regis, plus millions of square feet of residential, retail, and commercial space.
Michelle Schmitt, Salt Lake County