Listing Agents
Michael Sheppard
T | 505.515.1850
msheppard@paramountlodging.com
Subu Thiagarajan
T | 510.205.7931
subu@paramountlodging.com
DRE#01891134
Detailed Information
Location
Property Highlights
- Fee simple interest in the 73-key Peery Salt Lake City Downtown – Tapestry Collection by Hilton, available through a traditional sale
- Opportunity to acquire a historic, upper upscale Hilton soft-branded asset in Utah’s largest MSA
- Offered unencumbered of management with the ability to retain the Tapestry Collection by Hilton flag following change of ownership PIP completion
- In-place nearly $140 RevPAR with room for further residual upside and operational scale
- Newly signed leases will generate immediate additional yield for prospective buyers
- Irreplaceable property built in 1910 featuring early Prairie and Classical Revival architecture
- Ideally located in the heart of Downtown Salt Lake City, a vibrant district home to a multitude of demand drivers including restaurants, retail, museums, recreational attractions, historic sites and more
- Within walking distance to Salt Palace Convention Center, the Utah Museum of Contemporary Art and Abravanel Hall, home of the Utah Symphony
- Convenient to all broader metro demand including the University of Utah, the University of Utah Hospital, Temple Square, the Natural History Museum of Utah, Hogle Zoo, Utah State Capital, Liberty and Sugar House Parks, and countless outdoor recreational venues
- Continued positive outlook for Salt Lake City, consistently ranked as one of the fastest growing states, best states for business, and offering a highly educated workforce and one of the lowest unemployment rates in the country
- Ideal investment target with over 1.1MM residents (Salt Lake Area), an unemployment rate consistently below the national average, GDP growth consistently above the national average, a favorable tax climate and one of the lowest unionization rates in the country