$55M C-PACE Financing Paves Way for Hyatt Regency Salt Lake City

CleanFund Commercial PACE Capital Inc. provided $54.7 million in Commercial Property Assessed Clean Energy (C-PACE) financing to build the 700-room Hyatt Regency Salt Lake City. The green-specific financing set a record for the single largest amount financed by C-PACE nationally.

CleanFund’s contribution to the $377 million project costs will be used to fund eligible energy efficiency improvements, such as heating and cooling systems, interior lighting and equipment, fans, heat rejection, pumps and water systems. As a result, the hotel’s energy performance is projected to exceed the energy code compliance level by more than 20%.

The hotel will be situated on South West Temple, near the Salt Palace Convention Center, and will include 600,000 square feet of meeting space, restaurants on the first and sixth floors, and an outdoor amenity area. Groundbreaking is scheduled to take place immediately, with the opening planned for spring 2022. Portman Holdings is the developer.

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