Having been in the business for over 12 years, I have definitely seen my fair share of great deals that work financially down to deals that don’t work financially, but I would give my left thumb to own. One of the transactions that I was not involved in, but had the absolute pleasure of touring the building, was the Peery Hotel that sold a few years ago.
The Peery Hotel has always been a standout in my mind as an epic and historic downtown Salt Lake City property. Walking into the lobby, you immediately know that you are in a building that screams history. It is one of those buildings that if the walls could talk, you would be more than entertained – you would be educated with a rich history that you can’t necessarily find in the books.
I was going through photos recently, getting ready for my 10-year wedding anniversary, and was blown away by how many real estate pictures I have saved. I have taken photos of more buildings than I can even describe to you in words over the past 12 years. One of the most interesting things I realized while looking through these pictures is how many properties I visit and take tours of that I don’t actually transact on – the Peery Hotel being an absolute standout of this scenario.
A lot of people may not know that the Peery Hotel has a gigantic basement with training rooms and conference rooms that are available to hotel patrons and anyone in the city – it doesn’t seem to end! Certainly most interesting to me was the visit to the roof (of course I included pictures with this post – check them out!). After winding up a long wooden ladder through a shaft, I couldn’t help but notice all of the writing and drawings made by employees of the Peery Hotel dating back to the 1940s. Some of them were funny (“I hate my boss” comes to mind) and some were romantic (“I love ‘so & so’”), but it all amounted to a fun tribute to an incredible history of an incredible building – originally built in 1910! Best of all, I was able to celebrate my visit to the Peery Hotel with my token “selfies” of the famous Peery Hotel sign as the backdrop.
Also, for fun: Is the Peery Hotel haunted? http://offthetour.com/haunting-at-the-peery-hotel/
I want to give a big “thank you” to a local real estate investor who included me in the consulting and underwriting of that potential opportunity. While we were not the successful bidder in the purchase of the project (and it certainly comes with its challenges), it is a beautiful and iconic building and I am very grateful to have visited just about every unit and room in it.