Real estate private equity firm Wolfgramm Capital announced on Tuesday it had acquired the Waldorf Astoria Park City in Canyons Village off-market as part of an all-cash deal.
The hotel, which opened in 2009, will continue to be managed by Hilton.
Wolfgramm Capital, which has fewer than 10 people, was started in 2021. The firm has acquired $200 million in assets across five states in its first eight months.
Wolfgramm Capital COO Koloa Wolfgramm said in a statement that the company was thrilled to work with Hilton and the community. The statement said the company intends to infuse approximately $60 million into the property.
The company said it would provide more detail later about how it would be upgrading the property.
