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Public financing secured for downtown megahotel

Conventions » Incentive intact, the search for a developer — and a site — will begin.

First Published Mar 14 2014 12:06 am • Last Updated Mar 14 2014 12:06 am

An RFP will go out soon, looking for a company to build a 1,000-room headquarters hotel adjacent to the Salt Palace Convention Center.

Championed by Visit Salt Lake as a prerequisite to attracting big, lucrative conventions to Salt Lake City, the megahotel’s prospects of becoming a reality advanced with legislative approval of a financial incentive for a hotel developer.

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Passed comfortably by both houses, HB356 provides for the state, Salt Lake County and Salt Lake City to contribute $25 million each to the incentive program. The money will be used to pay for meeting rooms within what is projected to be a $335 million hotel. Once the hotel is operating and generating taxes, the developer can get rebates from the incentive.

The incentive program also sets aside money to promote other parts of Utah to conventioneers, and creates an $8 million fund for existing hotels hurt by the government-subsidized hotel in its first years of operation.

The request for proposal (RFP) process also will determine where the hotel is built.

— Mike Gorrell

Copyright 2014 The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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