Salt Lake City, UT. NORCAP and GBX Group LLC have announced that the historic Peery Hotel, established in 1910, will become a part of the Tapestry Collection by Hilton (previously an Ascend Collection Hotel). This transition reflects on NORCAP and GBX’s mission to further develop and preserve the Peery Hotel’s important historic value and continuing presence in Salt Lake City.
GBX Group President of Community Development, Antonin Robert, noted, “working with historic buildings is our passion and when we came across the Peery Hotel, with the help of NORCAP, we knew this grand historic building needed to be preserved. In conjunction with Preservation Utah, we began looking at strategic ways to balance the current real estate climate that favors building new versus preserving this historically important property.”
GBX Group is known for utilizing tools like Historic Preservation Easements and Historic Tax Credits, among others, to rehabilitate and preserve historic buildings across the country that are both historically significant and serve as catalysts for community revitalization and future development.
Specific to the Hilton transition, there’s one big initiative that comes with becoming a Tapestry by Hilton. The Peery has been equipped with “Stay Connected” which is a significant upgrade in quality, high-speed internet access. In the future “Stay Connected” will be upgraded to a new program known as “Connected Room”. These rooms will enable guests to personalize and control every aspect of their stay from one central and prominent point – a mobile device.
That device will be able to manage most things that guests would traditionally do manually in a room, from controlling the temperature and lighting to the TV and window coverings.
This news comes in the wake of many recent initiatives and accomplishments for the Peery, including:
- Becoming the third building in SLC to be protected by a Preservation Utah Easement. This was done when GBX purchased a majority stake in the 109-year-old building.
- Becoming the longest, actively run hotel in the state of Utah and one of the few remaining railroad-era hotels that are open to the public.
- Two high-level renovations totaling just over $4M.
The Peery Hotel, listed on the National Register of Historic Places, is characterized by early Prairie-style architecture and Classical Revival motifs and retains its original Carnegie steel framing. Decorations in the hotel include several antiques scattered throughout the hotel that has stood the test of time. You’ll even find antique books dating as far back as 1910 that are stored in the antique hutch located in the lobby.
The recent modernizations to the property will ensure it remains a contributing economic asset to the City of Salt Lake City.
GBX Group Contact: Philip Winton, VP of Strategic Messaging, (216) 912-9705, pwinton@gbxgroup.com
About Norcap
NORCAP was founded in 2012 by Dan Norville. Norville’s had the privilege of serving in various roles in Real Estate Investment Banking and Private Equity. His career has encompassed the structuring, financing, acquisition, disposition, leveraged buyout, valuation, and due diligence of over 1 billion dollars in completed real estate as well as corporate M&A transactions.
NORCAP Contact: Ted Gilman, (520) 274-0758, ted@norcapllc.com
About GBX Group LLC:
GBX Group LLC specializes in preserving and operating historic real estate in urban markets. GBX partners with property owners, developers, and local preservation organizations to acquire, redevelop, and preserve historic real estate, generating community revitalization and economic growth. Since its founding in 2001, GBX has completed over 125 projects in 20 states.