JV Brings 149-Key Hotel to Utah
- Dec 16, 2019
A joint venture between Yang Capital Group, Alex Brown Realty and Huntington Hotel Group has broken ground on Cottonwood Courtyard, a 149-key, select-service hotel in Cottonwood Heights, Utah. JLL arranged a three-year construction loan through the National Bank of Arizona, on behalf of the developer. The project is slated for completion by 2021.
The hotel will be built on the top of an existing 417-space parking garage at 7365 S. Canyon Centre Parkway near Freeway 190, at the entrance to Little and Big Cottonwood Canyon. The development will be situated close to Interstate 215, which provides access to downtown Salt Lake City and the Salt Lake City International Airport.
Cottonwood Courtyard will be in the center of a 10.9-acre mixed-use development, which will incorporate more than 79,000 square feet of office space, three restaurants, a distillery, a park for events, 150 residential units, 17 townhomes and additional retail space. The hotel will feature amenities such as a fitness center, a bar, a bistro, a lounge, a 1,038-square-foot meeting space, a business library and an outdoor pool with a pool deck and a courtyard.
JLL’s Capital Markets team included Senior Managing Director Paul Brindley, Director Matt Stewart and Senior Associate Blake Malecha. In November, the firm secured $160 million in financing for the acquisition of a three-property office portfolio in Pasadena, Calif.