George Smith Partners Arranges $32.4M Development Financing for 250-Room Hotel in Southern California
COACHELLA, CALIF. — George Smith Partners has arranged $32.4 million in financing for the ground-up development of a IHG Hotel Indigo in Coachella. The borrower and developer is Glenroy Coachella.
Steven Bram, David Pascale and Huber Bongolan Jr. of George Smith Partners arranged a $24.4 million senior construction loan and $8 million PACE funding for the hotel. The hotel will be the first new construction hotel project financed by PACE in California. The PACE equity, essentially an energy loan, finances the energy-efficient HVAC, lighting, windows, water systems and seismic strengthening.
Situated on 35 acres, the casitas-style resort hotel will feature 250 guest rooms with private entrances and en-suite bathrooms; 13,000-square-foot convention center; 10,000-square-foot salt water pool with a summer cooling system and a DJ booth/catwalk; and an 11-acre playground to host music-related events, wellness retreats and corporate/private events. Many of the guest rooms are located in two-, four- and six-bedrooms casitas with living rooms and social areas for entertaining. Additionally, the hotel will feature a restaurant, spa, gym and yoga/Pilates studio.
A timeline for construction was not disclosed.