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Jul. 18, 2013

Second Hyatt Opens at Cottonwood Corporate Center; Cornerstone Puts Hotel Monaco on the Block

By Alex Girda, Associate Editor

A second Hyatt flag is flying at Cottonwood Corporate Center
in Salt Lake City with the debut of Hyatt Place Salt Lake City/Cottonwood, a 124-key hotel developed by Sequoia Development.

The new property joins Hyatt Place Salt Lake City / Sandy at the corporate center and is the fifth Hyatt-branded hotel in Utah. The hotel offers an amenity package that includes 42-inch HDTV sets in each room, the Hyatt Grand Bed, hotel-wide Wi-Fi access, complimentary a.m. Kitchen Skillet service, 3,200 square feet of high-tech meeting space, while 24/7 Gallery Menu and Intimate Coffee to Cocktails Bar provide dining options to all guests.

The Salt Lake City market’s growing technology and banking sectors, and the location’s proximity to ski resorts and other outdoor attractions, gave Sequoia and Hyatt the confidence to move forward on the project.

In hospitality investment news, Real Estate Alert recently reported that the Hotel Monaco Salt Lake City has been brought to market by Cornerstone Real Estate Advisers L.L.C.

Located at 15 West 200 South, the 225-key boutique hotel is one of three Monaco properties that Jones Lang LaSalle Inc. is marketing on behalf of Hartford, Conn.-based Cornerstone. Kimpton Hotels & Restaurants operates the Salt Lake City property as well as Monaco hotels in Chicago and Denver. Cornerstone acquired the three hotels for $185.9 million in 2008, Real Estate Alert reported.

Image courtesy of hyatt.com

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