June 16, 2008
Wyndam to Seek Rezone to Convert Bank Building into Timeshare Hotel
By Rattle, Barbara
Wyndham Resort Development Corp., Redmond, Wash., is scheduled to go before the Salt Lake City Planning Commission this week to seek a zoning map amendment that would allow it convert a downtown Salt Lake City bank building into a timeshare hotel.
The firm, which operates 60 resorts in the United States, Canada, Mexico and Fiji, wants to convert the 35,000 square foot Barnes Bank building at 431 S. 300 E. into a 45-unit property containing one-, two- and three-bedroom units. The building was constructed in 1962 and has been used for offices since then; Barnes Bank has entered into an agreement to sell the structure to Wyndham for the urban timeshare project.
While company officials declined to comment, documents on file with the city indicate that planners feel the hotel "would add to the customer base of nearby restaurants, retail and public facilities, such as the library," and would "add to the vibrancy of an urban setting by bringing in visitors."
Wyndham's application indicates the resort would have a 90 percent or more minimum annual occupancy, translating into approximately $3.2 million spent each year at local shops, restaurants and recreation-oriented retailers. The facility would create 20 to 25 full-time jobs, although it would not include a restaurant, lounge, swimming pool or other similar amenities.
Wyndham Resort Development Corp. already has four properties in Utah - Bear Lake, Midway, St. George and Wolf Creek in Eden.
Copyright Enterprise Business Newspaper Inc. May 26, 2008
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