Safehold Closes On Salt Lake City Hospitality Asset, 150th Ground Lease in Portfolio

Rhea-AI Summary

Safehold Inc. (NYSE: SAFE) has announced the acquisition of a ground lease beneath the Asher Adams hotel in Downtown Salt Lake City, marking its 150th ground lease in its portfolio. The 225-key luxury hotel, completed in 2024, is part of Marriott's Autograph Collection and was developed through a partnership between The Athens Group and Hatteras Sky. The property is strategically located near The Gateway, a 40-acre mixed-use development, and the Delta Center, home to professional sports teams. Steve Wylder, Safehold's Head of Investments, highlighted the asset's quality and the strong hospitality market. The acquisition adds to Safehold's nearly $7 billion ground lease portfolio across the United States.

Positive

• Milestone achievement of 150 ground leases in portfolio, demonstrating consistent growth
• Strategic location near major mixed-use development and sports venues
• Addition to substantial $7 billion ground lease portfolio
• Property is part of Marriott's premium Autograph Collection in a strong hospitality market

Negative

• None.

NEW YORK, June 23, 2025 /PRNewswire/ -- Safehold Inc. (NYSE: SAFE), the creator and leader of the modern ground lease industry, has closed on the acquisition of an existing ground lease beneath the Asher Adams hotel in Downtown Salt Lake City. Developed through a partnership between The Athens Group and Hatteras Sky, the 225-key, full-service hotel was completed in 2024 and operates as part of Marriott's Autograph Collection.

"This is a high-quality asset and location in a strong and still improving hospitality market," said Steve Wylder, Safehold's Head of Investments. "We're excited to add this position to our nearly $7 billion portfolio of ground leases throughout the U.S."

Safehold's diversified portfolio now stands at 150 ground leases across the country. Asher Adams neighbors The Gateway, a 40-acre mixed-use development consisting of retail, office and residential uses. The luxury-lifestyle hotel is also adjacent to the Delta Center, home of the NBA's Utah Jazz and NHL's Utah Mammoth.

About Safehold:

Safehold Inc. (NYSE: SAFE) is revolutionizing real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings. Having created the modern ground lease industry in 2017, Safehold continues to help owners of high quality multifamily, affordable housing, office, industrial, hospitality, student housing, life science and mixed-use properties generate higher returns with less risk. The Company, which is taxed as a real estate investment trust (REIT), seeks to deliver safe, growing income and long-term capital appreciation to its shareholders. Additional information on Safehold is available on its website at www.safeholdinc.com.

About The Athens Group:

Founded in 1988, The Athens Group is a full-service real estate development company specializing in the creation of luxury and lifestyle hotels, resorts, branded and non-branded residences, golf courses, and related recreational amenities. The seasoned development company is committed to creating an authentic sense and spirit of place, with an unmatched portfolio of generational hospitality assets, including Four Seasons Hualalai, Montage Laguna Beach, Montage Palmetto Bluff, Ritz-Carlton Bachelor Gulch, and Ritz-Carlton Half Moon Bay. The Athens Group recently completed Asher Adams, an Autograph Collection hotel in Salt Lake City as an adaptive re-use of the historic Union Pacific Depot Later in 2025, the firm will unveil Naples Beach Club, a Four Seasons Resort. The company specializes in the development of environmentally conscious hospitality assets achieving LEED Gold or Silver certification. The Athens Group is based in Phoenix, Arizona with offices in California, Florida and Utah. For more information, please visit The Athens Group website.

About Hatteras Sky:

Hatteras Sky is a commercial real estate development firm founded by Jason Cordon and Amy Kelly. In addition to conventional development, the group specializes in adaptive redevelopments of historic buildings with a focus on multifamily and hospitality developments. For more information about the firm, its team, and additional projects, please visit the Hatteras Sky website.

Transaction Contacts:	IR Contact:
Steve Wylder	Pearse Hoffmann
Head of Investments	SVP, Head of Corporate Finance
T: 212.930.9433	T: 212.930.9400
E: swylder@safeholdinc.com	E: investors@safeholdinc.com
Ethan Torbati
Vice President, Investments
T: 310.315.5580
E: etorbati@safeholdinc.com

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SOURCE Safehold

FAQ

What is the significance of Safehold's (SAFE) 150th ground lease acquisition?

The acquisition marks a significant milestone in Safehold's portfolio growth, representing their 150th ground lease and adding to their nearly $7 billion portfolio across the United States.

Where is Safehold's (SAFE) newest ground lease property located?

The ground lease is beneath the Asher Adams hotel in Downtown Salt Lake City, located near The Gateway mixed-use development and the Delta Center sports arena.

What type of property is the Asher Adams hotel in Salt Lake City?

The Asher Adams is a 225-key, full-service luxury hotel that operates as part of Marriott's Autograph Collection, completed in 2024 through a partnership between The Athens Group and Hatteras Sky.

How large is Safehold's (SAFE) current ground lease portfolio?

Safehold's portfolio includes 150 ground leases across the United States, with a total value of nearly $7 billion.

What are the nearby attractions to Safehold's new Salt Lake City property?

The property is adjacent to The Gateway, a 40-acre mixed-use development with retail, office, and residential spaces, and the Delta Center, home to the NBA's Utah Jazz and NHL's Utah Mammoth.