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July 17, 2018
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Development of Coachella Hotel Project Lands $32 Mil in Financing

7/02/18

Glenroy Coachella has obtained $32.4 mil in financing for the ground-up development of a 250-room, 35-acre casitas-style resort hotel flagged by an IHG Hotel Indigo in Coachella, CA. The financing consists of a $24.4 mil senior construction loan along with $8 mil in PACE funding – the first new construction hotel project ever financed by PACE in California.

The hotel will be the closest hotel to the Empire Polo Club - the site of many famous Music Festivals held annually attracting some of the world’s most talented and diverse artists. It is also perfectly located to capture business from regional tennis, golf, film and other corporate events.

The hotel’s ground-breaking architecture is ideally designed for entertainment-based events. The property includes a 13k sf convention center, 10k sf salt water pool with a summer cooling system and a DJ booth/cat walk, an eleven-acre ‘playground’ to host music related events, wellness retreats and corporate/private events, and 250 guestrooms with private entrances and en suite bathrooms.

Many of the guestrooms are located in spacious two-, four-, and six-bedroom casitas with living rooms and social areas for entertaining options. The hotel also provides a restaurant, spa, gym and yoga/pilates studio.

Steve Bram, Principal/Co-Founder of George Smith Partners (GSP), worked with Senior Vice President David R. Pascale, Jr. and Assistant Vice President Huber Bongolan, Jr. to arrange the financing.

According to GSP, the PACE equity, essentially an energy loan, finances the energy-efficient HVAC, lighting, windows, water systems, and seismic strengthening, giving the sponsor the ability to finance the high-end, environmentally friendly resort hotel they envision. In addition to the dual capital sources, Bram notes that the City of Coachella enthusiastically supported the project by providing a $25 mil tax abatement and approving Mello Roos bond financing for the infrastructure.





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