Hotel breaks ground at new Snowbird and Alta mountainside village
JLL arranged the construction loan for the developers
LOS ANGELES, 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.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Yang Capital Group
Founded in 2013, Yang Capital Group is a vertically integrated, boutique real estate investor specializing in long-term hospitality opportunities in select growth markets. Yang Capital Group is a family business and a MWBE. Founders and spouses Stephen Yang and Rebecca Bunyasaranand bring complimentary experience in acquisitions, development, asset management and deal structuring and a shared vision of creating value alongside their partners, employers and the communities in which they work. The company pursues four approaches to hospitality investments: independent renovations, brand renovations, brand conversions and branded new builds. For further information, visit yangcapitalgroup.com.
About Alex. Brown Realty, Inc.
Alex. Brown Realty, Inc. is a privately-owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with clients and joint venture partners in properties located throughout the United States. abrealty.com
About Huntington Hotel Group
Huntington Hotel Group is a company specializing in the development, operation and management of premier brand hotels. The company was founded in 1998 by Kevin Keefer and Brent Andrus with the vision of developing and managing premium brand select-service hotels in markets with high barriers to entry. Huntington Hotel Group has developed over 20 hotels since inception and currently operates a portfolio of 17 select service hotels with a total of over 2,600 rooms located in California, Maryland, North Carolina, Oregon, Texas, Utah and Virginia. Visit huntingtonhotelgroup.com to learn more.
About National Bank of Arizona (A Division of Zions Bancorporation, N.A.)
National Bank of Arizona is a division of Zions Bancorporation, N.A. (NASDAQ: ZION), one of the nation's premier financial services companies, with total assets exceeding $65 billion. Zions Bancorporation, N.A. is a member of the Federal Deposit Insurance Corporation (FDIC), and operates under multiple trade names in multiple states. Divisions of Zions Bancorporation, N.A. are not separate FDIC‐insured banks. The FDIC coverage extended to deposit clients is that of one insured bank.
Zions Bancorporation, N.A., operates in nearly 500 local financial centers across 11 Western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington and Wyoming. As part of Zions Bancorporation, one of the nation's premier financial services companies, we offer the sophistication and strength you require with the local responsiveness and personalized service you want from your bank. Zions Bancorporation is one of the 40 largest banking companies in the United States and a member of the S&P 500 and the NASDAQ 100 financial indices.