Hotel Impact Mitigation Fund

The Governor’s Office of Economic Opportunity (GOEO) administers the Hotel Impact Mitigation Fund, designed to provide financial relief to qualified hotels that experience income losses due to the opening of the Hyatt Regency Salt Lake City (Hotel Convention Center). The program allows eligible hotels to enter into a contract with GOEO to pursue claims for loss of income. Applications for this program began on August 16, 2023. The funding is structured on an annual reporting and award cycle, with a total of $2.1 million replenished each year for four years. If total claims exceed available funds, payments will be distributed on a pro-rata basis. To qualify, a hotel must have been built in Utah before July 1, 2014, and be located within one mile of the Hyatt Regency Salt Lake City at 170 South West Temple, Salt Lake City, Utah 84101. Additionally, the hotel must demonstrate consistent and measurable sources of income for specific 12-month periods, particularly from October 1, 2018, to September 30, 2019, and for the same period in future years when a loss is claimed. The hotel must also ensure that senior management attests to the accuracy of all information submitted and that the business has not ceased operations during the application period. Applications for the program are accepted on a rolling basis from 2023 to 2026. To be eligible for claim evaluation in a given year, a hotel must apply for a contract with GOEO by September 30 of that year. Before submitting a claim, hotels must first establish an approved income baseline based on the 2018-2019 period. Claims must then be submitted annually by December 31 for evaluation. GOEO reviews claims from January to March, with final approvals granted by the Business Advisory Board during its March public board meetings. Funding is provided within 90 days of board approval. Once a contract is established, hotels can submit claims through a designated online portal available in October of each year. Claims are assessed by comparing the hotel’s income from the base year (October 1, 2018, to September 30, 2019) against the income reported for the corresponding period in subsequent years (2023-2026). Any unclaimed funds from this process, along with 5% of sales tax revenue generated from the hotel, will be allocated toward the Stay Another Day and Bounce Back funds, which support state tourism advertising, marketing, and branding efforts. While companies are not required to have their financial information reviewed by a Certified Public Accountant (CPA), GOEO encourages applicants to do so. At a minimum, hotel senior management must provide an attestation of the accuracy and completeness of all submitted information for both the baseline income and claims. This ensures transparency and accountability in the allocation of funds. For further inquiries or assistance, interested applicants can contact the Governor’s Office of Economic Opportunity at 60 East South Temple, Suite 300, Salt Lake City, Utah 84111-1041. The office can be reached via phone at (801) 538-8680 or by email at business@utah.gov. The fund provides $2.1 million annually, replenished each year for four years, and is available on an annual reporting and award cycle. If the number of claims exceeds the available funds, the claims are paid on a pro-rata basis. To qualify for the fund, hotels must have been built in Utah before July 1, 2014, and be located within one mile of the Hyatt Regency Salt Lake City. Additionally, they must demonstrate consistent and measurable sources of income for specific 12-month periods and must not have ceased operations during the application period. Applications for contracts are accepted on a rolling basis from 2023 to 2026, and eligible hotels must apply by September 30 of the claiming year. A baseline calculation for the period from October 1, 2018, to September 30, 2019, is required before submitting a claim. Claims must be submitted by December 31 for evaluation, and late or prior-year submissions are not accepted. The GOEO reviews claim documentation from January to March, with approval granted by the Business Advisory Board during public meetings held annually in March. Funding is provided 90 days after board approval. Once a hotel enters into a contract and receives written approval of a baseline, it may file a claim. Claims are calculated by comparing income from the baseline year to the same 12-month period for the years 2023 to 2026. Additional unclaimed funds and 5% of sales tax revenue generated from the hotel will contribute to the Stay Another Day and Bounce Back funds, which support the state’s tourism advertising, marketing, and branding efforts. While it is encouraged, it is not mandatory for the information to be reviewed by a Certified Public Accountant. However, senior management of the hotel must attest to the completeness and accuracy of the information submitted for both the baseline and the claim. This ensures accountability and transparency in the application process. For further information or assistance, interested parties can contact the Governor's Office of Economic Opportunity at 60 East South Temple, Suite 300, Salt Lake City, Utah 84111-1041. The office can be reached by phone at (801) 538-8680 or via email at business@utah.gov. Applications began on August 16, 2023, and the process will continue through 2026, providing ongoing opportunities for eligible hotels to apply for financial assistance.

While it is encouraged, it is not mandatory for the information to be reviewed by a Certified Public Accountant. However, senior management of the hotel must attest to the completeness and accuracy of the information submitted for both the baseline and the claim. This ensures accountability and transparency in the application process.