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Show The Enterprise Review , September 22x J976 Page 2b Facelift Complete Hotel Utah Expands Capacity The elegant old gal of downtown Salt Lake City has had her face lifted. In case you havent heard or noticed, the Hotel Utah has been remodeled. Stuart G. Cross, the hotels vice president and managing director declined to say how much money was spent on the structural face n lift, It was a dollar project, he said. Work on the hotel began in March 1974 by Jacobsen Construction Co., Inc., of Salt Lake City. Robert also of Salt Lake, did Fowler, the architectural work using plans drawn up in 1911 when the hotel was originally built. Hotel officials say the development effort spent on remodeling the hotel, one of the nation's oldest, was an important step in keeping multi-millio- downtown Salt Lake City from following a national pattern toward suburbanization. Because the hotel is within a few minutes walk of every major downtown facility, church and political leaders think it will reappoint itself as a leader in hosting convention travelers and area meetings. said the hotel was forced to turn away some large groups of people before renovation was completed. She said some of the larger conventions coming to the city had to go to other hotels because the Hotel Utah couldnt accommodate all of them. We have increased our overall capacity to about she said. 1.000 people, We were limited before because we could comfortably lodge only 800 guests and we didn't have a single room large enough to get a group that size together. With the newgrandball room we can feed and entertain 1600 people at one time. Future Bookings With the renovation nearly completed, she said, the hotel is booking conventions and large groups of guests well into the 1980 s. Some groups coming to the hotel in the future are: , A convention in July 1980 of Barber Shop Quartets, consisting of roughly 18.000 people; Three thousand of the American Business Women's Association will meet Attract Conventions With the addition of 160 guest rooms and spacious dinner and ball room, Cross believes the hotel will further enhance the appearance of Salt Lake City in the eyes of businesspeople and entice them to schedule more conventions and festivities in Salt Lake. The hotel now has a total of 560 guest rooms, a new and enlarged kitchen, a new exhibit hall of 10,000 square feet, and a new grand ball room that will accomodate roughtly 1600 people. Phyllis Steortz, hotel director of public relations. in October 1977; dollar remodeling project expanded guest capacity at the Hotel Utah by 200, and added a grand ball room, a A multi-millio- n larger kitchen and a 10,000 sq. ft . exhibit hall . City officials hope it will bring more conventions to Salt Lake City. In March 1978 1,500 people are coming to Salt Lake City for the National Farmers Union from Washington D.C.; The Society of American Archivists has booked the hotel for several day in October of 1977 and the National Institute on Crime and Delinquency will host 1,500 people in Salt Lake for a convention in June 1977. The National Association of Home Builders was the first to use the new facilities at the hotel. Their convention, consisting of about 1,500 people, ended Tuesday. Option Market News by Warren M. heleham . Ph.l). Prince. Lungheinrich A Greer The major tax revision bill has now cleared Congress and should shortly be signed into law by President Ford. This bill changes the tax treatment of opening sell transactions in options. Gains from the lapse of an option and gains or losses from a closing transaction in options will be treated as short term capital gains or losses, rather than ordinary income or loss. This change is effective Sept. 1, 1976. A flurry of activity excited the market on Thursday and Friday last week. Lower interest rates and new highs hit by the widely held stocks, IBM and American Telephone and Telegraph, helped spur the market higher. The rally helped to improve option premiums, making option writing more attractive. However, option premiums continue to be relatively low. Polaroid broke through 42 last week, signally a buy and closing at 43 12. Polaroid options and stock look extremely attractive for the short term; buy in weakness. Gold bullion rose sharply after the successful IMF gold sale September 15th. Homestake options continue to be attractive as a speculative venture. 141 Pierpont Avenue Salt Lake City, Utah 84101 (801) 364-770- 1 S y |