He adds the Peery has long been considered a jewel of Salt Lake City.

The Peery has 73 guest rooms, as well as meeting and banquet facilities.

The hotel also houses two popular Salt Lake restaurants, the Macaroni Grill and the award-winning Christopher's Steakhouse.

Sage plans an immediate capital investment of $500,000 for property improvements, including an overhaul of their meeting and conference facilities.

Guest rooms at the hotel were renovated just prior to the 2002 Olympics.

"The Peery Hotel is a perfect addition to Sage's family of historic properties," says Brad Robinette, Sage's senior vice president of revenue growth. "Many of our award-winning properties--The Oxford Hotel in Denver, the Renaissance Pittsburgh Hotel, the Residence Inn by Marriott in Milwaukee and the Courtyard by Marriott in San Diego to name a few--each have a unique charm, style and history. These are the types of properties that Sage continues to seek out for development."

Sage Hospitality is a developer and management company that currently manages 89 full-service, boutique and limited service hotels in 30 states. The Sage portfolio includes brands such as Courtyard by Marriott, Fairfield Inn by Marriott, Hilton Garden Inn, Renaissance, TownePlace Suites and Residence Inn.