PHOENIX–(BUSINESS WIRE)–Piper Sandler Companies (NYSE: PIPR), a leading investment bank and institutional securities firm, served as sole capital arranger for the $377 million Hyatt Regency Salt Lake City, which closed on December 30, 2019. The private financing sources arranged by Piper Sandler Companies (“PSC”) include non-recourse construction debt and limited partner equity. In addition, the Piper Sandler Hospitality Group served as the placement agent for the $54.7 million Commercial Property Assessed Clean Energy (C-PACE) loan to finance a portion of the project, which represents the single largest amount ever financed by C-PACE nationally. PSC also served as the sole underwriter for a $45.0 million taxable bond issue to finance the remaining portion of the project, which will be repaid by taxes generated at the hotel.
The luxurious Hyatt Regency Salt Lake City will consist of a 26-story building with 700 guest rooms, approximately 60,000 square feet of meeting space and will include two restaurants, a lounge, an outdoor pool, a business center, a fitness center and an outdoor event terrace. The hotel will be located adjacent to the Salt Palace Convention Center and serve as the convention center headquarter hotel.
“The Piper Sandler Hospitality Finance Group was pleased to work with a first-class development team, led by Portman Holdings,” said Peter Phillippi, managing director and group head of the Piper Sandler Hospitality Finance Group. “The strong reception by the financial markets for this project is a testament to the strength of the development team, the world class reputation of Hyatt Hotels, the public private partnership with Salt Lake County and the continued strength of the Salt Lake City hotel and convention market.”
Ambrish Baisiwala, the Chief Executive Officer of Portman Holdings, commented, “This convention hotel is a significant project with a complex financing structure. We identified Piper Sandler early in the process as the appropriate team to lead the financing effort and are pleased with their creativity and the outcome. Piper’s long-standing relationships in Salt Lake City and in the industry are a significant factor in the successful closing of this financing.”
The groundbreaking for the hotel is January 10, 2020 and the Hyatt Regency Salt Lake City will open in 2022.
ABOUT PIPER SANDLER COMPANIES
Piper Sandler is a leading investment bank and institutional securities firm driven to help clients Realize the Power of Partnership®. Through a distinct combination of candid counsel, focused expertise and empowered employees, we deliver insight and impact to each and every relationship. Our proven advisory teams combine deep product and sector expertise with ready access to global capital. Founded in 1895, the firm is headquartered in Minneapolis with offices across the United States and in London, Aberdeen and Hong Kong. The Piper Sander Hospitality Finance Group has financed more than 28,000 convention and conference center hotel rooms representing more than $7 billion.
ABOUT PORTMAN HOLDINGS
Throughout the past 62 years, Portman Holdings has developed over 65 million square-feet of premium real estate around the world with a focus on hospitality, office and mixed-use properties. The vertically integrated real estate development, investment and management company commands a successful global network and has a proven track record with the world’s top financial institutions. Teams in the company’s global offices seamlessly connect to develop, finance and manage a diverse portfolio in the world’s core and emerging markets. Portman Holdings continues to achieve success through investor, partner and client relationships that deliver exceptional real estate projects. For additional information, visit www.portmanholdings.com
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