December 11, 2019 – JLL announced today that it has arranged construction financing for the development of Cottonwood Courtyard, 149-key, select-service hotel located within a larger development at the gateway to the Wasatch Mountains just outside of Salt Lake City in Cottonwood Heights, Utah, serving Alta, Snowbird, Solitude and Brighton Mountain Resorts.
JLL worked on behalf of the developer, a partnership between Yang Capital Group, Alex. Brown Realty and Huntington Hotel Group, to place the three-year construction loan with National Bank of Arizona (A Division of Zions Bancorporation, N.A.). The groundbreaking occurred in November.
Once completed in 2021, Cottonwood Courtyard will be the centerpiece of a 10.89-acre mixed-use development that will include more than 79,000 square feet of office space, three restaurants, a distillery, a park for events, 150 apartments, 17 townhomes and additional retail space. The hotel will feature a fitness center, bar, bistro, lounge, 1,038 square feet of meeting space, a business library, outdoor pool with pool deck and a courtyard.
Cottonwood Courtyard will be constructed on top of an existing 417-space parking garage at 7365 South Canyon Centre Parkway near the Highway 190 entrance to Little and Big Cottonwood Canyons with access to ample parking and a UTA all-weather bus that services each of these four ski areas, Alta, Snowbird, Brighton and Solitude Mountain Resorts. The hotel is also proximate to Interstate 215, which provides direct access to the Salt Lake City International Airport 21.6 miles away.
The JLL Capital Markets team was led by Senior Managing Director Paul Brindley, Director Matt Stewart and Senior Associate Blake Malecha.
“This was a great team effort for a complex transaction from all parties involved,” Stewart said. “Yang Capital’s inclusionary approach to development will deliver an amazing addition to the Cottonwood Heights community.”
According to JLL’s Hospitality Construction Outlook for the second half of 2019, new hotel projects are focusing on specialization to fit their particular location and target market. This can include much smaller room sizes, lobbies with integrated bars and restaurants and more outdoor space, all of which impact cost to build and type of materials needed for a project.