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Salt Lake City benefits from one of the busiest airports in the western U.S. and a strategic location near several landmarks and tourist attractions, including the Mighty 5. Transient demand to the city surged in 2021 as Utah became a popular drive-to leisure destination, but commercial travel continues to lag behind 2019 levels, similar to the rest of the nation. Commercial demand is expected to return fully by year-end 2023 or the beginning of 2024. Nonetheless, the city has enjoyed increases in demand as the local economy has recovered from the effects of the COVID-19 pandemic in 2020. Most notably, the market has enjoyed a significant increase in ADR levels, especially thus far in 2022. In addition to the overall strength of the local economy, Salt Lake City has become a focal point for new development in recent years. ....
A building with bones nearly 100 years old is now home to a 100,000-square-foot community space and campus focused on recreation in Salt Lake City’s Granary District. ....