A new investment deal is set to pump money into improvements at the Peery Hotel in downtown Salt Lake City while also guaranteeing the historic landmark is preserved.
In a joint announcement with Preservation Utah, Cleveland-based GBX Group said it had purchased a stake in the 109-year-old hotel once frequented by the wealthy railroad travelers drawn to its running hot water. The company has entered into a preservation easement on the property at 110 West Broadway.
GBX Group, a privately held firm specializing in historic properties in urban markets, said it had been looking to invest “in buildings that are both historically significant and serve as catalysts for community revitalization and future development.