Salt Lake City Luxury Hotel Secures $78M Refi
The asset incorporates the adaptive reuse of a historic train station.
Barings has provided a $78 million loan to a joint venture of The Athens Group and Hatteras Sky for the refinance of Asher Adams, a 225-key luxury hotel in Salt Lake City.
Asher Adams opened in November 2024 as an amalgam of a new, eight-story tower and the adaptive reuse of the historic Union Pacific passenger train station. Amenities include four food and beverage outlets, indoor-outdoor meeting space and valet parking.
Located adjacent to the Delta Center and The Gateway, the hotel operates under Marriott’s Autograph Collection.
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Originally known as Union Station, the building was designed by American architect Daniel James “D.J.” Paterson in Second French Style and completed in July 1909, an Asher Adams spokesperson told Commercial Property Executive.
The Union Pacific Railroad Station operated until the 1970s, when it was acquired by Amtrak and later supplanted by the nearby Rio Grande Station in 1986. The property was added to the National Register of Historic Places in 1975.
As a part of The Gateway development in the late 1990s, the station underwent a substantial restoration when the north building wing was converted into an entertainment venue, named The Depot, while the upper levels of the south wing were adapted into office space.
The central grand hall, its original design preserved, was designated as a public space. After the 2012 opening of the City Creek Center, however, The Gateway experienced a rapid decline in activity, leaving the grand hall a vacant pass-through space occasionally used for private events.
Named for 19th-century railroad cartographers John R. Asher and George H. Adams, Asher Adams is an adaptive reuse concept conceived by The Athens Group and led by HKS Architects.
WAY Capital CEO Malcolm Davies and Principal Alex Rossinsky advised sponsorship on the financing.
Workers and skiers driving demand
Salt Lake City is the only major metro in the Rocky Mountain region that has avoided an occupancy decline during 2026, according to a first-quarter report from Marcus & Millichap. The company attributes this stability to factors like job growth that pushed the number of white-collar professionals to a record level, along with a surfeit of recreational travelers, driven by Utah’s ski resorts.
Another recent Barings move came in February, when the firm sold Seacliff Village, a 253,234-square-foot grocery-anchored shopping center in Huntington Beach, Calif., to Asana Partners for $151 million. Barings had owned the nearly 27-acre shopping center since September 2001.
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