Salt Lake City approves $7M loan to build boutique hotel at The Gateway
April 23, 2019
By Katie McKellar
Salt Lake leaders on Tuesday approved a $7 million low-interest loan to help finance an eight-story boutique hotel meant to “re-energize” The Gateway and preserve the historic Union Pacific Depot.
The finance approval paves the way for the massive, $80 million luxury hotel — coined the Union Pacific Hotel — to break ground in early 2020. Construction is expected to take roughly two years.
“This makes sense,” Salt Lake City Councilwoman Amy Fowler, acting as chairwoman of the city’s Redevelopment Agency, said Tuesday. “Historical preservation of one of the most unique and amazing buildings we have downtown is huge.”