$128M financing secured for Resort and Spa in Coachella Valley
JLL’s Hotels & Hospitality Group arranged the loan for the 286-acre JW Marriott Desert Springs Resort & Spa
LOS ANGELES, Jan. 18, 2021 – JLL’s Hotels & Hospitality Group announced today that it has arranged a $128 million loan for the JW Marriott Desert Springs Resort & Spa, an 884-key, resort in Palm Desert, California.
JLL worked on behalf of the sponsor, Kam Sang Company, LLC to secure the five-year, fixed-rate, interest-only loan, which was originated by Goldman Sachs Bank USA. Loan proceeds were used by the owner to repay the existing loan, which was scheduled to mature in February 2022.
The JW Marriott Desert Springs Resort & Spa completed a $40 million renovation in early 2020 resulting in the creation of additional suites and substantial upgrades to all guestrooms, which offer sweeping views of the resort and surrounding mountain and desert landscape. Spanning on 286-acres, the resort features an impressive array of amenities including five swimming pools, two 18-hole championship golf courses, a world-acclaimed Peter Burwash International Tennis Center, a 47-treatment room spa facility, an aviary, 35 acres of sparkling streams, lakes and cascading waterfalls, a 12,000 square-foot entertainment zone and over 234,000 square-feet of indoor and outdoor event space. In addition, the resort offers a broad collection of food and beverage outlets, including T&T Innovation Kitchen, Mikado Japanese Steakhouse, Blue Star Lounge, Rockwood Grill, Aquifer65 and more.
The AAA Four-Diamond resort, is proximate to the area’s most popular attractions, including The Living Desert Zoo, Palm Springs Aerial Tramway, Joshua Tree National Park, El Paseo Shopping District, and Palm Springs Convention Center. Additionally, the resort is located near popular festivals and events, including Coachella Valley Music & Arts Festival, the BNP Paribas Open and Stagecoach Festival. The resort is located within a two-hour drive of Los Angeles, Orange County and San Diego and is approximately 20 minutes from the Palm Springs International Airport.
The JLL Hotels & Hospitality team representing the borrower was led by Executive Vice President Mike Huth and Vice President Shalin Patel.
“The resort’s recently renovated accommodations, sprawling grounds, unique offering of amenities and drive-to location in the Coachella Valley enabled it to draw transient leisure demand primarily from families living in California and across the southwestern U.S. throughout the pandemic,” said Huth. “The uptick in group demand during the second half of the year has been impressive to witness and something that we expect to gain momentum in 2022.”
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling $83 billion worldwide. The group’s 350-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.
For more news, videos and research resources on JLL, please visit our newsroom.
Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Kam Sang Company, LLC
Established in 1979, in Los Angeles, CA, Kam Sang maintains a portfolio of over $2 billion dollars in assets, and has developed, acquired, and managed millions of square feet of prime real estate, including commercia, residential, and hotel properties with major brands such as Marriott and Hilton. Kam Sang is headed by Tiffany Lam, CEO & President.
Kam Sang’s management philosophy is the creation of value through the execution of all real estate development phases, from project conceptualization, capital acquisition, development services, construction management, asset management, and property management.