Mike Huth And Shalin Patel Represent Borrower In $128M Palm Desert Hotel Loan
74855 Country Club Dr, Palm Desert...
$128,000,000
Building Size
—
Asset Type
Hotel
Closing
Nov 22, 2023
AI
The JW Marriott Desert Springs Resort & Spa in Palm Desert has undergone a $40 million renovation, resulting in additional suites and upgraded guest rooms. The 884-key hotel sits on 286 acres and includes five pools, two golf courses, a tennis court, a spa with 47 treatment rooms, an aviary, and more. Additionally, the resort boasts 234,000 square feet of event space, a variety of dining options, and entertainment facilities.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $128,000,000.00
- Address: 74855 Country Club Dr, Palm Desert
- Market: Palm Desert
- Borrower's Rep: Mike Huth(JLL), Shalin Patel(JLL)
- Lender: Goldman Sachs Bank USA
Mike Huth and Shalin Patel of JLL Hotels & Hospitality played a key role in securing the $128 million loan for the JW Marriott Desert Springs Resort & Spa. The financing was originated by Goldman Sachs Bank USA, allowing the owner to pay off an existing loan that was due to mature in February 2022.
Players
Palm Desert Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.12%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93