In a move that underscores both its market strategy and milestone momentum, Safehold Inc. (NYSE: SAFE) has announced the closing of its 150th ground lease—this time beneath the recently completed Asher Adams hotel in Downtown Salt Lake City. The acquisition not only affirms Safehold’s presence in an evolving hospitality hub but also expands its nearly $7 billion portfolio of structured real estate assets across the United States.
Developed by The Athens Group in partnership with Hatteras Sky, the 225-key hotel opened in 2024 as part of Marriott’s Autograph Collection. Located adjacent to The Gateway, a dynamic 40-acre mixed-use development, and steps from the Delta Center—home to the NBA’s Utah Jazz and NHL’s Utah Mammoth—Asher Adams occupies a prime corridor in Salt Lake City’s revitalized urban core.
Safehold, which pioneered the modern ground lease structure in 2017, continues to provide real estate owners with capital-efficient alternatives to traditional land ownership. With this latest deal, the firm marks its 150th ground lease transaction—an indication of accelerating momentum in a market increasingly drawn to capital-optimized, long-term solutions.
“This is a high-quality asset and location in a strong and still improving hospitality market. We're excited to add this position to our nearly $7 billion portfolio of ground leases throughout the U.S.”Steve Wylder, Safehold’s Head of Investments
The acquisition aligns with Safehold’s diversified strategy, which spans multifamily, affordable housing, life sciences, industrial, office, and hospitality. By decoupling land ownership from asset operations, Safehold offers property developers and institutional owners a way to unlock long-term value while reducing capital constraints.
Asher Adams stands out not only for its brand pedigree but for the narrative behind its design. Developed by The Athens Group, the hotel is a landmark adaptive reuse of Salt Lake City’s historic Union Pacific Depot—a structure dating back to the early 1900s.
The Athens Group, known for its portfolio of generational hospitality assets like Four Seasons Hualalai, Montage Laguna Beach, and Ritz-Carlton Half Moon Bay, preserved the depot’s architectural heritage while incorporating modern luxury and sustainability standards.
With an emphasis on environmentally conscious design, Asher Adams was envisioned to meet LEED certification benchmarks. The result is a hospitality experience that bridges historical character with contemporary comfort, aligning with the preferences of today’s high-end traveler.
Hatteras Sky, the project’s co-developer, brought its expertise in adaptive redevelopment to the partnership. Known for revitalizing historic structures into dynamic multifamily and hospitality assets, the firm’s contribution reinforced the Asher Adams project’s design-forward, preservation-minded identity.
While traditionally overshadowed by larger western markets, Salt Lake City has emerged as a magnet for luxury development, tech investment, and business travel. The city’s growth trajectory—fueled by a blend of corporate expansion, urban reinvestment, and natural amenities—has attracted both leisure and institutional attention.
Asher Adams is strategically situated at the intersection of cultural and commercial momentum, offering both proximity and character in a city where premium hotel keys remain undersupplied.
For Safehold, the acquisition reflects confidence in Salt Lake City’s longer-term fundamentals. For developers and operators, it offers a blueprint for capitalizing on urban renewal through structured ownership models that maintain asset flexibility.
With 150 ground leases across the country and nearly $7 billion in assets, Safehold continues to lead a category it created—modernizing how land and capital intersect in the built environment.
Its model provides a new paradigm for owners, one that favors scalability, liquidity, and return enhancement without the traditional weight of fee-simple land ownership. In adding Asher Adams to its portfolio, Safehold not only expands its hospitality footprint but underscores the role that ground leases can play in luxury and lifestyle real estate.