Updated Dec 4, 2024
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
About this deal
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.
On the Map
$4,750,000
Hotel
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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