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Property Overview

Strategically located on a five-acre site in the highly anticipated Granary District of
Salt Lake City, Utah, the property is currently operating as an existing two-tower,
394-key hotel. The hotel has a franchise agreement with Red Lion Hotels under its
Hotel RL brand and is managed by Aimbridge Hospitality, the world’s largest third-
party hotel management company. The hotel is unencumbered by both brand and
management, providing complete optionality for a future repositioning.

Plans to redevelop the existing hotel involve converting the south tower into 184
studio apartments with hotel-inspired amenities, followed by future renovation
of the north tower into a 204-key lifestyle hotel. With three excess acres of
developable land zoned D1 and designated in a Qualified Opportunity Zone, the
site also offers unparalleled development potential for an envisioned mixed-use
campus complete with ground-up multifamily, office, biotech, and retail across
six buildings.

Property Summary
Sponsor LEE Group & J.B. Earl Company
Project Type Adaptive Reuse
Asset Type Existing Hotel to Multifamily Conversion
Address 161 W 600 S, Salt Lake City, UT 84101
APN 15-01-478-018
Land Area 4.6 AC
Building Area 237,624 SF (North Tower: 147,839 SF / South Tower: 89,785 SF)
Existing Hotel 394 Hotel Keys (North Tower: 216 Keys / South Tower: 178 Keys)
Future Multifamily 184 Studio Apartments (Conversion of South Tower)
Stories North Tower: 9 / South Tower: 13
Parking 300 Stalls
Year Built 1969
Acquisition Date December 2019

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