(KUTV) -- Members of the Governor's Office of Economic Development Board approved the proposal Tuesday for a new Convention Center Hotel in downtown Salt Lake City.
This approval authorizes post-performance tax incentives in exchange for the development of the hotel, a press release stated.
“We are pleased to partner with the County, and DDRM, to build this convention hotel in Salt Lake City. We have found Utah, Salt Lake County, and Salt Lake City to be both business-friendly and a strong destination market; with an excellent airport, infrastructure, and leisure activities in proximity to the Salt Palace Convention Center. We hope this will be the first of many projects we undertake in this market,” Ambrish Baisiwala, CEO of Portman Holdings, said in a press release.
The 680,000 square-foot building will be connected to the Salt Palace Convention Center. This land does not generate tax revenue.
It will cost $337 million. Hotel owners DDRM have partnered with Portman Holdings, a commercial real estate developer, to build the hotel.
“DDRM is fortunate to join with Portman to bring this hotel to Utah. Portman’s convention hotel experience, creativity and financial resources are very prominent within the industry worldwide and will help us create something that will make the entire State of Utah proud,” Stan Castleton of the DDRM Companies, said in a press release.
The hotel will have 700-750 rooms and be about 325 feet tall. It will have a 62,000 square-foot meeting space, including a 25,000 square-foot Grand Ballroom and a 14,000 square-foot Junior Ballroom and an outdoor rooftop amenity space, press release stated.
Portman Holdings and DDRM expect to break ground for the new hotel in Fall 2019 and plan to open it in 2022.