Laurus Corporation Acquires Hilton Salt Lake City Airport
LOS ANGELES—Laurus Corporation, a real estate investment and development firm, announced that it has completed the acquisition of the Hilton Salt Lake City at Salt Lake City International Airport. READER COMMENTS
The Hilton Salt Lake City is a 288-room full-service hotel. Laurus Corporation formed SLC Hotel Partners, LLC as an investment vehicle to acquire the asset, and plans to implement a renovation program to upgrade the property, as well as to rebrand it under the Doubletree by Hilton franchise.
“The Hilton Salt City Airport aligns with our strategy to make opportunistic investments in high-quality assets within major markets that offer superior risk-adjusted returns. Salt Lake’s diverse economic base, strong demographics and exceptional hotel market fundamentals attracted us to the area. We will implement a renovation program to enhance the guest experience and cement the property’s position as the premier asset in its submarket,” said Andres Szita, chairman of Laurus Corporation, in an announcement.
The hotel, built in 1985 and renovated in 2007, sits on a 7.2-acre highly visible site, and features over 13,000 square feet of flexible meeting space that can accommodate groups of up to 500. The property also features a restaurant with indoor-al-fresco dining, business center, indoor-outdoor pools, fitness center, event lawn, executive level club lounge, flexible sports and basketball courts, putting green, and walking path.