The Washington School House occupies a sought-after spot in Old Town. Situated on upper Park Avenue, a largely residential stretch of street, the boutique hotel is a block off Main Street. The Town Lift at Park City Mountain is just down the street, providing a nearby route onto the slopes. And the hiking and mountain biking trails in the summer and fall are just as close. It is a classic Park City location. The 12-bedroom, 15-bath property is currently on the market with an asking price of $24,750,000, and the listing highlights those sorts of conveniences. The marketing materials, though, also mention the hotel’s possibilities as the 2034 Winter Olympics approach. Noting the future Games is not one of the primary selling points in the marketing materials, but it is intriguing nonetheless, with the upcoming Winter Olympics percolating in various ways through institutions and industries in the Park City area. In the case of the Washington School House listing, the marketing materials underscore the approaching Games. One section in the materials, dubbed “The Investment Case,” argues that an acquisition works at this moment, saying “Market timing = 8 years to Olympics.” Another statement in “The Investment Case” section is written under the heading of “2034 Catalyst.” It says: “Salt Lake City hosts the 2034 Winter Olympics. Park City becomes the center of the world. You have an 8-year runway to strategically position this asset ahead of unprecedented global demand. Perfect timing for a strategic hold.” Exterior view of the front steps at Washington School House Hotel in Park City. Credit: Jonathan Herrera/Park Record The 2034 Games are expected to be consequential to the real estate industry, as buyers and sellers attempt to forecast the impact of a second Winter Olympics in the state on values of residential and commercial properties. It is an exercise that seemed to start even before the Games were awarded in 2024 and will continue through the close of the event in 2034. The 2002 Winter Olympics were a selling point before those Games, and the real estate industry afterward enjoyed a stretch of strength in the post-Olympic era until the impacts of the Great Recession struck the community. However, it is not clear how widespread the practice of noting the 2034 Games in real estate listings, as in the case of the Washington School House, has become in the two years since the Winter Olympics were awarded to Salt Lake City. The Park City area is a key to the Games. Park City Mountain, Deer Valley Resort and the Utah Olympic Park are competition venues. The community is expected to be crucial to the transportation, security and celebration plans. It seems highly likely Main Street will play an important role, particularly in the celebration plans, although details are not known to have been discussed. The overarching vision for the Park City area’s role in 2034 is similar to the one during the 2002 Games, when the community successfully served as a quaint, mountainous alternative to the Salt Lake Valley. The assorted segments of the lodging industry will see opportunities with the crowds of winter-sports fans that will want to base themselves in Park City rather than Salt Lake City, alongside the Olympic family, sponsors and the media. There will likely be a well-heeled, international clientele seeking accommodations in Park City for the Games. Park City’s Washington School House Hotel was listed on the National Register of Historic Places in 1978. Credit: Jonathan Herrera/Park Record A place like the Washington School House would be expected to command premium rates during the Games. The location is steps from Main Street and within walking distance to the competition venues at Park City Mountain and Deer Valley. It is also close to transportation routes that will be important in the navigation of the wider Games region. Lodging properties and vacation rentals on Main Street and on streets surrounding the shopping, dining and entertainment strip have traditionally fared well during special events and the wider ski season. The Washington School House has been on the market for approximately two years. One of the listing agents, Abbey Drummond, described that there has been ongoing interest in the property. She said the building could appeal to those interested in continuing to operate the property as a hotel or those interested in turning the building into a house. The Washington School House, she said, is an “irreplaceable asset.” Drummond said it is “always the lead up” to a Games that can push up real estate prices. There are typically years of positive growth before a Games, she said, as buyers consider the potential appreciation of properties afterward. “I have so many clients that reach out because they want to secure property because of the Olympics,” she said. The post Park City boutique hotel on market, and the Winter Olympics described as part of the case for investment appeared first on Park Record. ...read more read less