Safehold has closed on the acquisition of an existing ground lease beneath the Asher Adams hotel in Downtown Salt Lake City. Developed through a partnership between The Athens Group and Hatteras Sky, the 225-key, full-service hotel was completed in 2024 and operates as part of Marriott's Autograph Collection.
"This is a high-quality asset and location in a strong and still improving hospitality market," Steve Wylder, Safehold's head of investments, said in a statement. "We're excited to add this position to our nearly $7 billion portfolio of ground leases throughout the U.S."
Asher Adams is close to The Gateway, a 40-acre mixed-use development consisting of retail, office and residential uses. The lifestyle hotel is also adjacent to the Delta Center, home of the NBA's Utah Jazz and NHL's Utah Mammoth.
Safehold's diversified portfolio now stands at 150 ground leases across the country.