United Savings Bank has acquired through foreclosure action the 354-room Tri-Arc Hotel, 161 W. Sixth South.
Chad Mullins, United Savings vice chairman, said the bank will retain the hotel's present on-site management team "to ensure uninterupted operations."He said the bank will work out a plan to remodel the hotel, built in 1969.
Mullins, who is also president of Western Mortgage Loan Corp., said United Savings "will provide the financial resources and stability to make the improvements and repairs necessary for the hotel to be viable in the future."
Founded in 1958, Ogden-based United Savings/Western Mortgage operates 18 branches in eight western states and holds assets totaling $244 million.