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Investment Highlights

Adaptive Reuse of the Iconic Hotel RL

• First phase of a landmark mixed-use project, currently under redevelopment EXISTING 216
with demolition permits in hand for the conversion of the existing hotel’s south HOTEL KEYS
tower into a market-defining 184-unit multifamily offering

• Repositioned apartment component will boast well-appointed studios with
floor-to-ceiling and wall-to-wall windows commanding unobstructed views
of Salt Lake City and the Wasatch Range, complemented by an elevated hotel-

inspired amenities package

• Acquired the property off-market in December 2019 for $33 million ($85/key),
with an attractive all-in cost basis below $180K/unit post-conversion of the
south tower (exclusive of excess land sale)

Irreplaceable Downtown SLC Location

• Located on a coveted 4.6-acre site in the Granary District of Downtown Salt
Lake City within a 15-minute walk to many of the City’s major demand drivers,
including Vivint Smart Home Arena, The Gateway, City Creek Center, Salt Palace
Convention Center, and Temple Square North Tower

• Transit-oriented location just a 2 blocks from a TRAX light rail station; one mile
from the state’s largest commuter hub, Salt Lake Central Station; and within a
15-minute drive of Salt Lake City International Airport

• Strategically positioned at the epicenter of new development in the region, with
1+ million square feet of office; thousands of multifamily units, restaurants,

bars, and cultural attractions; and a new light rail stop expected over the
next decade

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