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74855 Country Club Dr, Palm...

Mike Huth And Shalin Patel Represent Borrower In $128M Palm Desert Hotel Loan
FINANCEDHotel

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

Mike Huth

JLL

Broker

$578.5M

vol

4 deals

Broker
Goldman Sachs
Goldman SachsLender

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