Safehold acquires ground lease for Asher Adams hotel in Utah

Real estate investment trust company Safehold has completed the acquisition of a ground lease for the Asher Adams hotel in Salt Lake City, Utah, US.

This strategic move bolsters Safehold's portfolio, which is now valued at nearly $7bn.

Safehold Investments head Steve Wylder said: "This is a high-quality asset and location in a strong and still improving hospitality market."

Completed last year, the Asher Adams hotel comprises a 225-key luxury property developed by full-service real estate development business The Athens Group and commercial real estate development company Hatteras Sky.

The hotel's design takes inspiration from Salt Lake City's Union Pacific Depot, offering guests views of downtown and the Wasatch mountains.

With this acquisition, Safehold's diversified portfolio now encompasses 150 ground leases nationwide.

A part of Marriott's Autograph Collection, the Asher Adams is adjacent to The Gateway, a 40-acre mixed-use development, and is near the Delta Center, which hosts both NBA and NHL teams.

The hotel's location offers easy access to the TRAX Light Rail, Salt Palace Convention Center, and the SLC International Airport.

Additional conveniences at the Asher Adams include open-air gathering areas, meeting and function spaces, a fitness facility, a convenience store, and a gift shop.

"Safehold acquires ground lease for Asher Adams hotel in Utah" was originally created and published by Hotel Management Network, a GlobalData owned brand.

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