Portman Holdings and DDRM have begun construction of the Hyatt Regency Salt Lake City. The development received $377 million in financing for the project, located at the northwest corner of 200 S and West Temple in Salt Lake City Utah. Situated next to the Salt Palace Convention Center. The 26-story Hyatt Regency Salt Lake City will feature 700 guest rooms, approximately 60,000 square feet of meeting space, two restaurants, a lounge, outdoor pool, business center, fitness center and 7,500-square-foot outdoor event terrace. Completion for the 686,784-square-foot hotel is planned for October 2022. Piper Sandler Cos served as sole capital arranger for the financing. The private financing sources include non-recourse construction debt and limited partner equity. Additionally, the Piper Sandler Hospitality Group served as the placement agent for the $54.7 million Commercial Property Assessed Clean Energy (C-PACE) loan to finance a portion of the project, which represented the single largest amount ever financed by C-PACE nationally. PSC also served as the sole underwriter for a $45 million taxable bond issue to finance the remaining portion of the project, which will be repaid by taxes generated at the hotel. Portman Architects Designed the project. PSOMAS is providing engineering services.
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