Location Description
Located in the highly popular East Palm Canyon Corridor between the Ace Hotel and the Saguaro Hotel. This desirable wind free area of Palm Springs is owned by the Agua Caliente Indians and ground leased to Hotels, Restaurants, Shopping Centers and Condominium projects throughout the corridor. The maximum terms are 99 year leases and extensions to older leases have been granted subject to appraisal and Bureau of Indian Affairs approval.
PROPERTY HIGHLIGHTS
• 1201 East Palm Canyon Drive / ±7,500 SF Restaurant / APN 511-020-037 / ±1.34 Acres
• 1243 East Palm Canyon Drive / ±4,375 SF Restaurant / APN 511-020-038 / ±0.94 Acres
• 1269 East Palm Canyon Drive / 143 Room Hotel / APN 511-020-039 / ±4.71 Acres
REDEVELOPMENT OPPORTUNITIES
Hotel – Renovate, rebrand, add amenities on excess land, or relocate and expand pool area to front of hotel rooms (middle of property).
LEASE TERMS
Original Lease Date: June 7, 1977 Expiration Date: June 7, 2042 Current Years Remaining: 23 Years Extension Opportunity: Subject to approval upon finalization of probate court action, which is in progress. Lease Rate: $11,685.00 NNN per month ($140,220.00 annually) with CPI every 5 years
HOTEL AMENITIES
Room Mix
King Rooms – 51
King Suites – 7
Queen Rooms – 18
Double Queen Rooms – 62
Handicap Double King Rooms – 2
Handicap Double Queen Rooms – 2
Total Hotel Rooms – 143
Facilities
Meeting Room – 53 Persons / ±475 SF
Laundry Room – 1
Fitness Room – 1
Lobby & Employee Lounge – 1
Outdoor Heated Pool – 1
Outdoor Hot Tub – 1
OFFERING SUMMARY
SALE PRICE: | $8,500,000 |
LOT SIZE: | 6.99 Acres |
YEAR BUILT: | 1978 |
NUMBER OF FLOORS: | 2 |
ZONING: | R3 |
COUNTY: Riverside | Riverside |