facebook
Traded Co logo
Submit
Daily limit: 0/10

Dr. Steven Bein Sells Tuscany Manor Hotel In Palm Springs For $4.75M

Property Image
SOLD
$4,750,000

California

See Similar Deals
Hotel
Sold 02/26/2024
the dealplayerscompscontact
Property Image
SOLD

Dr. Steven Bein Sells Tuscany Manor Hotel In Palm Springs For $4.75M

350 West Chino Canyon Road

See Similar Deals
Hotel
Sold 02/26/2024
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:Hotel
Transaction Type:Sale

The Tuscany Manor, a hotel located at 350 West Chino Canyon Road in Palm Springs, was sold for $4,750,000 to a private buyer. The property is set to be transformed into upscale apartments, blending historic charm with modern amenities.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $4,750,000
  • Address: 350 West Chino Canyon Road - Tuscany Manor
  • Market: Palm Springs

CBRE's Cray A. Carlson and Manny Nunez played pivotal roles in the sale of Tuscany Manor. They highlighted the property's appeal within the vibrant Palm Springs real estate market, ensuring a seamless transaction that aligns with the buyer's vision of converting the hotel into luxury apartments.

Players

Cray Carlson
CBRE
Cray Carlson
16 deals$147.1M volume(909) 418-2092
BROKER

Details

SOLD
IMAGE: Cray Carlson DATE: 02/26/2024 ADDRESS: 350 West Chino Canyon Road - Tuscany Manor MARKET: Palm Springs ASSET TYPE: Hotel SELLER: Dr. Steven Bein BROKERS: Cray Carlson (@CrayCarlson) & Manny Nunez - CBRE (@CBRE) SALE PRICE: $4,750,000 NOTE: CBRE sold Palm Springs' Tuscany Manor resort for $4.75 million to a private buyer planning to convert it into upscale apartments. CBRE's Cray A. Carlson and Manny Nunez represented both parties, emphasizing the property's appeal and the vibrant Palm Springs real estate market, with a focus on preserving its historic charm while adding modern amenities.

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Contact

Get in touch with the broker you want

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$253,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$16,875.76
Cash-on-Cash Return-1.27%
Monthly Debt Service$22,517.42
Annual Debt Service$270,209.08