Laurus Corporation Completes $5.3 Million Hotel Renovation and Rebranding
SALT LAKE CITY, Dec. 9, 2013 /PRNewswire/ -- Laurus Corporation, a U.S.-based private real estate investment and development firm, has completed a $5.3 million renovation of the Hilton Salt Lake City Airport and branded the facility as the DoubleTree by Hilton Hotel Salt Lake City Airport. The property-wide renovation featured a complete revamp of the guestrooms and inviting public spaces to provide sleek, contemporary furnishings, as well as modern interior design. The landscaping and exterior setting was also enhanced to showcase the property's stunning picturesque scenery.
Laurus Corporation acquired the 288-room full-service hotel in July 2012 with plans to implement a renovation program. Enjoying pristine mountain and lakeside views, the hotel boasts a prime location ten minutes from downtown Salt Lake City and two miles from Salt Lake City International Airport. The airport is the fourth largest and westernmost hub for Delta Air Lines, serving a total of 21 million passengers in 2011. In addition, the hotel is situated near the Salt Lake International Center, home to more than 40 companies specializing in broadcast, distribution, healthcare, manufacturing and technology. Less than an hour away, guests can enjoy world-class ski resorts, including Snowbird and Park City Mountain Resort.
"The extensive renovation and rebranding underscores our ability to make opportunistic investments within major markets and fully reposition the asset in a very short period of time," said Austin Khan, Chief Investment Officer of Laurus Corporation. "The distinguishable strength behind the DoubleTree brand will position the hotel for strong returns for our investors."
"Commercial activity continues to strengthen in Salt Lake City making it a prime destination for both business and leisure travelers," said Philip Cyburt, Chief Executive Officer of Laurus Corporation.
The hotel sits on a highly visible 7.2-acre site, and features more than 13,000 square feet of flexible meeting space that can accommodate groups of up to 500. The property also hosts an array of amenities, including a spacious restaurant with indoor-al-fresco dining, business center, indoor/outdoor pools, 24-hour fitness center, event lawn, executive level club lounge, flexible sports and basketball courts, putting green, and walking path around an eight-acre lake.
The hotel is located at 5151 Wiley Post Way, Salt Lake City, Utah, 84116.
Laurus Corporation is a real estate investment and development company that specializes in hotels and resorts, office buildings, multifamily and mixed-use properties. Laurus employs an entrepreneurial investment strategy designed to consistently achieve attractive risk-adjusted returns by creating capital appreciation opportunities through repositioning, restructuring, re-development and intensive post-acquisition asset management. It is affiliated with Ethika Investments, LLC, a real estate investment firm.
1880 Century Park East, Suite 1016
Los Angeles, CA 90067
Phone: (310) 277-8600
Fax: (310) 362-0353
SOURCE Laurus Corporation