PEG Companies Expands Hospitality Portfolio with Strategic Acquisition of Residence Inn Salt Lake City Cottonwood

The vertically integrated commercial real estate investment firm partnered with a CIM Group-managed fund to secure financing with plans to transition to their in-house property management team and execute a comprehensive Property Improvement Plan [PIP].

SALT LAKE CITY – PEG Companies [“PEG”], a leading commercial real estate investment firm specializing in opportunistic and value-add opportunities across the United States, closed on the acquisition of Residence Inn Salt Lake City Cottonwood. With financing from a CIM Group-managed fund, PEG is now preparing to execute a comprehensive Property Improvement Plan [“PIP”].

Located at 6425 S. 3000 E in Salt Lake City, Residence Inn Salt Lake City Cottonwood offers 144 well-appointed guest rooms featuring full kitchens and is complemented by amenities including an outdoor pool, fitness center, meeting space, complimentary hot breakfast, and parking. Built in 1999 and renovated in 2013, its prime location in the Cottonwood area is renowned for its proximity to popular visitor destinations like the nearby canyons and ski resorts. Additionally, the property serves as a convenient option for business travelers, hospital patients, and visiting family members from nearby medical facilities, providing several additional sources of steady business.

This strategic investment aligns with PEG’s commitment to delivering value and quality across its diverse portfolio. PEG’s PIP will include upgrading all guest rooms, public spaces, exteriors, and overall elevating the level of offering that future guests will enjoy.

“As the only extended stay hotel in the Cottonwood area, we saw this as a strategic opportunity to expand our robust hospitality portfolio as well as our presence in the greater Salt Lake City metro,” explained PEG Chief Investment Officer Loren Berkley, who directs PEG’s hospitality strategies. “PEG has been operating in the greater SLC market for 20-plus years and stands ready to deploy an experienced team of operating professionals who will enhance the guest experience and performance of the asset.”

For more information about PEG Companies and its comprehensive range of real estate investment services, please visit www.pegcompanies.com

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About PEG Companies:

Founded in 2003, PEG Companies [“PEG”] is a vertically integrated commercial real estate investment firm focused on opportunistic and value-add opportunities in the Mountain West and across the United States. Initially best known for its creative and well-executed real estate developments, PEG today encompasses five synergistic companies that each manage a different phase of the commercial real estate investment process. Those companies include PEG Capital Partners, PEG Development, PEG Construction, PEG Property Group, and PEG Hospitality Group. Currently, PEG’s robust $1.9B AUM includes assets in multifamily residential, single-family rental communities, student housing, office, mixed-use, and hospitality throughout 29 states and two Canadian provinces. PEG Companies employs more than 1,200 employees nationwide. For more information about PEG, visit www.pegcompanies.com.

About CIM Group:

CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com.

Press Contact:

Ali Monsen

amonsen@pegcompanies.com

801.783.7334

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