Motel 6 the latest purchase by SLC real estate developer

JACKSON HOLE, Wyo. — Brad Wagstaff is on a buying spree. The owner and managing partner of Salt Lake City-based Mogul Capital has just snatched up Motel 6 to add to his growing list of real estate ventures in Jackson.

Motel 6 changed hands officially on June 22. The property is listed as “permanently closed” on Hotels.com or Yelp, and the like. But it is, in fact, open and rebranded as The Jackson Southtown and taking reservations for about $350 a night at what was a Motel 6 last week.

The purchase price was not disclosed but Mogul Capital borrowed $34,550,000 from a Los Angeles-based bank to make the deal happen.

Wagstaff is already heavily invested in downtown Jackson where he bought up most of the block bordered by Perry St. to the north, N Cache St. to the east, Mercill Ave. to the south, and N. Glenwood St. to the west. Everything but the Cache Creek Motel.

This is to be the site of Wagstaff’s new hotel (either a Marriott or a Hilton), along with an undisclosed number of market rate condo residences and rentals.

In addition, Wagstaff is in preliminary stages to shoehorn a 186-unit apartment complex called The Loop into the three parcels totaling a little over 2 acres just east of the Middle School.

Mogul Capital’s spending spree doesn’t end there. Wagstaff’s outfit also snatched up the Pony Express Motel for a reported $11 million where rooms are going for $500 a night.