Pacific Mutual Life Insurance Co. has postponed its trustee's sale of the Tri-Arc Hotel scheduled for Tuesday until June 10 to give the hotel's owners a chance to find a new buyer.
Pearson Enterprises Inc., which with Sevier Valley Oil Co. put the hotel up for collateral to secure a deed of trust, has two prospective buyers for the 16-year-old Tri-Arc and should close a deal within 15 days, spokesman Mike Fletcher said."We are confident it will all come through," he said, declining to identify the interested buyers.
Pacific Mutual spokesman Geno Effler declined to disclose the debt owed on the Tri-Arc property, but he said Pearson and Sevier Valley haven't made a payment since July 1, 1987.
The hotel, located at 161 W. 6th South, was built by Pearson in 1970 and originally named Tri-Arc TraveLodge Hotel. A franchise with Radisson Hotel Corp. changed the name from 1985 to September 1987.
Pearson also owns Hilton hotels in Salt Lake and Ogden and at the Salt Lake International Airport. But the family corporation is negotiating the sale of the Salt Lake downtown Hilton to Kahler Corp. - a Rochester, Minn.-based hotelier which operates the University Park Hotel.