ASAP International Hotel LLC (the “Company”) is seeking Investors for a total of $13,500,000 for the acquisition and renovation of the full service 288-room full-service Doubletree by Hilton Salt Lake City located at 5151 Wiley Post Way, Salt Lake City, Utah 84116 (“the Hotel” or “Property”).
The Investors will receive an 8% preferred return per annum on all invested capital with quarterly distributions. We expect capital to be returned within five to seven years either by a sale or refinance if market conditions are not favorable to a sale.
Offering Key Point:
The Hotel is located in the heart of International Center business and manufacturing submarket and adjacent to Salt Lake City International Airport, only ten minutes from Downtown Salt Lake City. Long known as an international sporting and leisure destination and the worldwide headquarters of The Church of Jesus Christ of Latter-day Saints. To better accommodate the market’s surging corporate, leisure, and residential demand. Additional profit potential can be realized through both operational enhancements and the continued expansion of the dynamic Salt Lake City market and growing Asian tourists. Located on a picturesque lake, the Hotel continues to benefit from its 2013-2014 reflagging and renovation.
Salt Lake City has recently developed a reputation as a national tech hub dubbed the “Silicon Slopes,” anchored by the sizable footprints of firms like eBay and Adobe. Utah has ranked as the top state in the country in innovation and entrepreneurship, second in high-tech performance, and third in economic performance in a study of all fifty states as well as CNBC’s 2016 America’s Top States for Business list.
The airport is currently in the midst of a massive, $1.8 billion renovation and expansion which commenced in 2014, which will add an additional terminal in 2020 to dramatically expand the airport’s capacity. The airport has already witnessed tremendous growth in passenger traffic of 12.5% for the 12 months ended July 2016, including 82.2% growth in international travelers.
The Hotel enjoys an ideal location, two miles west of the International Airport’s terminals, a ten-minute ride from Downtown Salt Lake City, and within one hour of over 13 renowned ski resorts. Salt Lake City Airport is the only closest Int’l airport to the World most famous national park “Yellow Stone”.
Since Yellow Stone National Park is one of the most attractive tourist routes in the U.S. for the Asians, the growth Chinese tourists made the major portion of the 82.2% Airport growth international travelers. One of the major China airlines has direct flight from Shanghai to Salt Lake City now.
The renovated public spaces and unique amenities allow the Hotel as the premier full service lodging option in Salt Lake City’s Airport/International Center submarket. The hotel boasts 13,000 square feet of indoor and outdoor meeting space, significantly more than any other hotel in the submarket.
In addition Hotel is embedded within the Int’l Center business park, which has high-rated corporate demand from the technology, defense, manufacturing, pharmaceuticals, life sciences, and logistics sectors.
Salt Lake City, UT
Salt Lake City is Utah’s capital and most populous city. This MSA is the largest in the state of Utah with a population of approximately 1,150,000, which places it among the top 50 MSAs in the country. The MSA contains a 120-mile contiguous strip of cities and towns in the north central part of the state called the Wasatch Front. Approximately four miles west of downtown is Salt Lake City International Airport (“SLC”), the 25th busiest airport in the United States.
A full Private Placement Memorandum (PPM) summarizing ASAP Shores Resort Daytona, LLC. is available upon request for a complete discussion regarding these and other aspects of this investment offering.
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