The Domain Companies has secured $102 million in construction financing to build a 216-key IHG Hotels & Resorts’ Kimpton luxury hotel in Downtown Salt Lake City, according to a release.
Cottonwood Group provided the debt on the deal, while Walker & Dunlop’s Matt Wiener, Jay Morrow and Dustin Stolly arranged the financing package.
In a statement, Matt Schwartz, co-CEO of The Domain Companies, described the new hotel as an asset that will “set a new standard” for hospitality assets across the Salt Lake City marketplace.
Located in Downtown Salt Lake City at 370 South West Temple – near city landmarks such as the Delta Center sports stadium, Salt Pace Convention Center and City Creek Center — the new IHG and Kimpton brand hotel will stand 10 stories and include a valet parking, a fitness center, a rooftop bar, a restaurant, indoor and outdoor terraces, and 7,000 square feet of meeting and event space.
The project is being designed by Solomon Cordwell Buenz, an architecture firm that designed Astra Tower, a 372-unit apartment tower and the tallest building in Utah, and The Worthington, a 359-unit luxury residential complex..
Mark Green, chief investment officer at Cottonwood Group, said his firm was attracted to the project due to the amount of investment activity Salt Lake City has recently generated, as well as the area’s growing economy and high tourism metrics.
“This project brings together a premier downtown location, an experienced development team in Domain, and the globally recognized Kimpton brand,” he added. “We are pleased to provide the construction financing and support the delivery of what we believe will become a flagship hospitality destination in the city.”
The project is expected to be complete by the first quarter of 2028.
Brian Pascus can be reached at bpascus@commercialobserver.com.
