Welcome Group Secures $54.17M Bridge Financing From Preferred Bank For Hotel In Palm Springs

The property asset involved in the transaction is a hotel located at 1600 North Indian Canyon Drive in Palm Springs. The hotel contains 398 keys and has a total square footage of 445,755. The loan amount for this property is $54,172,000, which is categorized as bridge financing.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $54,172,000
• Address: 1600 North Indian Canyon Drive
• Market: Palm Springs
• Asset Type: Hotel
• Keys: 398
• Square Footage: 445,755
• Lender: Preferred Bank
• Landlord: Arjun Shokeen & Amar Shokeen - Welcome Group
• Brokerage Firm: JLL
• Loan Type: Bridge Financing

The deal involves key individuals and companies, including the landlords Arjun Shokeen and Amar Shokeen from Welcome Group. JLL, represented by Marc Schillinger, Matt Stewart, Ace Sudah, Jacob Michael, and Brooke Hinkel, was responsible for representing the Welcome Group in the acquisition financing. The hotel is set for rebranding and renovation in 2025.