Palm Springs Hotel Sale Sets Per-Key Pricing Record
Palm Springs-based Foxden Hospitality completed the sale of its boutique Hotel, Dive Palm Springs, to Mariners Group for $5.15 million. At $468,000 per key, the deal reportedly marks the highest recorded price for any hotel in Palm Springs and the surrounding Coachella Valley.
“Creating Dive was one of the greatest joys of my career,” said Dale Fox, founder and CEO of Foxden. “It was a deep expression of my personal passion for hospitality and for design. It’s my pleasure to see our beloved hotel find such a great new home with Mariners Group.”
Despite multiple bids, Foxden agreed to sell to Mariners Group based on its extensive experience in hospitality and existing presence in the Palm Springs market.
“The attention to detail and thoughtful concept by Foxden Hospitality is what allowed Dive Palm Springs to trade at a record price,” added Adam Gilbert, president, The Firm, who brokered the deal.
- ◦Sale/Acquisition