The upcoming 700-room Hyatt Regency Salt Lake City received $54.7 million in financing from CleanFund's Commercial Property Assessed Clean Energy Capital to fund sustainability upgrades. According to CleanFund, the contribution marks the single largest amount ever financed by commercial property assessed clean energy funding nationally.
CleanFund’s contribution to the $377 million in total project costs will be used to fund C-PACE-eligible energy-efficiency upgrades, such as improvements to the hotel’s heating and cooling systems, interior lighting and equipment, fans, heat rejection, pumps and water systems. As a result, CleanFund estimates the hotel’s energy performance will exceed the energy code compliance level by more than 20 percent.
Slated to open in 2022, the Hyatt Regency Salt Lake City will be located in downtown Salt Lake City and serve as the Salt Palace Convention Center’s onsite hotel. Portman Holdings is developing the hotel.
"The project has always had an ambitious construction and capital plan," Portman Holdings President John Portman IV said in a statement. "We were fortunate enough to work with talented and capable people with the city and county to learn what sustainable financing resources were available to the project. Once we were introduced to C-PACE, we immediately saw the opportunity to cost-effectively fund the sustainable elements of the project.”
CleanFund is a direct lender of C-PACE providing long-term financing for energy efficiency, water conservation, renewable energy and seismic improvements to commercial, multifamily and other nonresidential properties in the United States.