Coachella Resort | 84141 Avenue 48
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Coachella Resort 84141 Avenue 48
250 Room Hotel Coachella, CA 92236 $20,000,000 ($80,000/Room)
INVESTMENT HIGHLIGHTS
- Discount to replacement cost - post renovation the basis will be significantly below replacement cost. Basis further lowered by value components
- Large 35 acre site - fee simple, includes 51 built casitas and multiple outparcels for further development
- Construction approximately 65% completed. Approx $55 million spent to date.
- Lender owned - Property became REO following long bankruptcy process
- Closest lodging to site of Coachella and other Music festivals held at Empire Polo Club. 2.5 hours from 22 million people in So Cal
- TOT Rebate - $25 million TOT rebate (50% rebate for 20 years)
EXECUTIVE SUMMARY
Maxim Hotel Brokerage, Inc. is pleased to present an exclusive listing on a foreclosed, partially built resort located at the gateway to the City of Coachella, CA. While unaffiliated in any respect with any of the "Coachella" festivals, the destination is within 3.0 miles from Empire Polo Club (the site for Coachella and Stagecoach Festivals) and within two hours drive of Southern California’s 22-million-person population base. The Property is approximately 65% complete, since work stopped in late 2019 and the Lender recently obtained title through foreclosure. The 35-acre resort is designed to create its own entertainment oriented destination. Unencumbered by brand or management, a visionary developer will seize the opportunity to finish construction and present a brand new boutique resort to Coachella Valley's world class boutique destination hotel and resort market.
DATA ROOM Click Here to Access
PROPERTY FACTS Under Contract
AMENITIES
- Fitness Center
- Pool
- Restaurant
- Spa
- On-Site Retail
- High Speed Internet Access
- On-Site Bar
- Destination Resort
- Public Access Wifi
ROOM MIX INFORMATION
| DESCRIPTION | NO. ROOMS | DAILY RATE | SF |
|---|---|---|---|
| Suite | 2 | $428.00 | - |
| Guest Room | 248 | $268.00 | - |
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $1,022,000 | |
| Land Assessment | $10,513,183 | Total Assessment | $11,535,183 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$10,513,183
Improvements Assessment
$1,022,000
Total Assessment
$11,535,183
ZONING
| Zoning Code | CG (General Commercial - Resort being developed under approved Development Agreement.) |
| CG (General Commercial - Resort being developed under approved Development Agreement.) |
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Coachella Resort | 84141 Avenue 48
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