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350 West Chino Canyon Road

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

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

350 West Chino Canyon Road

$4,750,000

Building Size

Asset Type

Hotel

Closing

Feb 26, 2024

AI

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

Broker

$147.1M

vol

16 deals

Broker

Palm Springs Hotel Market Snapshot

Boundary boundary · Hotel · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

3.34%

Cash-on-Cash

-0.95%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93