Cottonwood Group has provided a $102 million construction loan to finance the development of a luxury hotel in downtown Salt Lake City. The financing will support the creation of a 25-story, 326-room hotel, which is set to be branded as a Conrad, part of the Hilton portfolio.
The project is being developed by a partnership between Hatteras Sky and The Athens Group. The hotel will be located at 95 S. State Street, adjacent to the Salt Palace Convention Center. The development is expected to include a rooftop bar, a spa, and more than 24,000 square feet of meeting space.
“Salt Lake City is experiencing significant growth, and this project will help meet the increasing demand for luxury accommodations in the downtown area,” said Alexander Shing, chairman and CEO of Cottonwood Group.
Construction on the hotel began earlier this year. The project is anticipated to be completed by 2026. The developers have stated that the hotel will be the first Conrad-branded property in Utah.
