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$32.4M in Financing for Hotel Development Near Polo Grounds in Coachella
George Smith Partners arranged $32.4 million in financing for the ground-up development of the a 250-room IHG Hotel Indigo in Coachella, CA. The 35-acre, casitas-style resort hotel will be developed by Glenroy Coachella.
George Smith Partners’ Steve Bram, David R. Pascale, Jr. and Huber Bongolan, Jr. arranged a $24.4 million senior construction loan and $8-million in PACE funding, the first new construction hotel project ever financed by PACE in California. It is essentially an energy loan for the energy-efficient HVAC, lighting, windows, water systems, and seismic strengthening.
The hotel’s architecture is envisioned for entertainment-based events. It includes a 13,000 square-foot convention center, 10,000 square-foot salt water pool with a summer cooling system, and a DJ booth/cat walk, an 11-acre ‘playground’ to host music related events, wellness retreats and corporate/private events.
The property will be the closest hotel to the Empire Polo Club, where numerous popular music festivals are held.
For comments, questions or concerns, please contact Dennis Kaiser
Photo credit RealSpace
- ◦Development



