225-key Adaptive Re-use Hospitality Project in heart of Salt Lake City set to open Fall 2024
SALT LAKE CITY (August 10, 2022) –Real estate development firms Hatteras Sky and The Athens Group broke ground on Asher Adams, an adaptive re-use of Salt Lake City’s historic Union Pacific Train Depot and new construction of a 225-key Autograph Collection Hotel, Marriott International’s diverse and dynamic portfolio of independent hotels. Asher Adams will feature 13 historic guest suites in the original Train Depot and a new eight-story guestroom structure with an additional 212 modern guest suites. The hotel will also include multiple food and beverage outlets, a 1,500 SF fitness facility, 9,000 square feet of meeting and function space, and approximately 3,200 square feet of open-air gathering spaces. The Depot, an existing 17,000-square-foot live entertainment venue located within the Union Pacific Depot building, will be retained in its current location, and continue operations during construction. Barings is the senior construction lender, and financing is also being provided by the Redevelopment Agency of Salt Lake City with equity from individual investors on CrowdStreet, the online real estate investing marketplace.
Originally constructed in 1909, the historic Union Pacific railroad station is regarded as one of the most outstanding architectural structures in Utah. The iconic station features irreplaceable French Second Empire architecture, original stained-glass windows, and original oil on canvas murals: “Driving the Golden Spike” commemorating the completion of the Transcontinental Railroad at Promontory Summit and “This is the Place” portraying Brigham Young making his famous exclamation upon first seeing the Great Salt Lake Valley.
Located in The Gateway, a one million-square-foot mixed-use commercial business, retail, residential, dining and entertainment destination, Asher Adams sits directly across the street from Vivint Smart Home Arena, the TRAX Blue and Green light rail stops and is within walking distance of the Salt Palace Convention Center and the Frontrunner commuter rail line. Hotel guests will have immediate access to all dining, entertainment and business venues located adjacent to the hotel and easy access to all that downtown Salt Lake City has to offer.
“We are honored by the opportunity to both preserve and showcase the historic Union Pacific Depot, while at the same time providing Salt Lake City with a state-of-the-art hospitality experience which will serve as an enhanced community gathering space for residents and visitors alike,” says Oz Friedmann, Principal and Managing Director of Development for Hatteras Sky.
“After many years of planning, and with our sincere appreciation to Barings, CrowdStreet and the Redevelopment Agency of Salt Lake City, we are excited to take the next steps toward delivering the best hospitality experience in Salt Lake City,” says Rob McIver, Principal of The Athens Group. “The design and juxtaposition of the historic building with the new guestroom tower has been carefully crafted by our design partners at HKS Architects and JNS Design. With Okland as our general contractor and Pivot as our hotel operator, we look forward to bringing this project to life.”
“We are pleased that construction of the new Asher Adams hotel at The Gateway is now underway,” adds Jenny Cushing, Vice President of Leasing for Vestar, the development company that owns The Gateway. “This boutique hotel will be as iconic as the historic building it’s housed in and will serve as the crown jewel for the redevelopment of The Gateway. It will be designed to cater to leisure and business travelers seeking a unique and memorable property with fabulous amenities. Asher Adams promises to further transform The Gateway into a vibrant and sought out destination within Salt Lake City and will drive additional business to our merchants.
# # #
ABOUT HATTERAS SKY
Hatteras Sky is a commercial real estate development company based in Atlanta that was Hatteras Sky is a commercial real estate firm focused on multifamily and hospitality development in high-growth American markets. In addition to ground-up new construction developments, we renovate, restore, and reactivate our historic buildings. We pride ourselves on our ability to identify unique opportunities that deliver long-term value to our team, our investors, and the communities we serve. While maintaining an entrepreneurial approach, we strive to adhere to the highest standards of integrity, quality, and partnership. We aim to create structures and communities that will be useful, beautiful, and strong for generations. For more information about the firm, its team, and additional projects, please visit the Hatteras Sky website.
ABOUT THE ATHENS GROUP
The Athens Group is a full-service real estate development company specializing in the development of environmentally conscious upscale resort communities, luxury resort and urban hotels, golf courses and related residential and recreational properties. The firm was founded in 1988 by Kim Richards. For more information about the firm and its team, please visit The Athens Group website.
CrowdStreet, the largest online private equity real estate investing platform, provides individual investors direct access to a diverse range of institutional-quality investment opportunities with the ease and convenience of online investing through an advanced marketplace. Project sponsors benefit from a highly efficient way to tap individual investors to raise capital and manage investor relations. To date, sponsors have raised more than $3 billion on CrowdStreet for over 650 projects. CrowdStreet is creating a community where individual investors and experienced real estate firms can work together to expand participation in real estate investing with the goal to build wealth. Learn more at https://www.crowdstreet.com/.
Pivot is the lifestyle operating vertical of Davidson Hospitality Group. With a deep-rooted passion for continuous innovation, Pivot offers exceptional service delivery, revenue generation, integrated marketing, and financial responsibility. Constituted by some of the most accomplished leaders in lifestyle hospitality, Pivot caters to today’s independent, adventure-minded traveler through approachable design, locally inspired food and beverage, intuitive, heartfelt service, and authentic experiences at each of its properties. For more information, visit www.davidsonhospitality.com/