El Paseo Hotel
Palm Desert, CA 92210, US
Daniel Russell & Charles Company LLC’s client, an experienced hotel developer, has an approved top of the line Marriott Signature Series Franchise so Palm Desert selected our client’s hotel from many contenders and provides investors a guarantee
El Paseo Hotel, LLC: Is seeking an investor to invest $1.8 million for 5% ownership and a 6% preferred return. The investor’s return of principal will be guaranteed by the City of Palm Desert (TOT Agreement). The completion of construction will be guaranteed. The El Paseo Hotel is designed as a 154-room luxury hotel which is fully entitled and the only hotel site in the prestigious El Paseo Shopping District adjacent to the Taubman Mall “The Gardens on El Paseo”. The one mile luxury district is known as the “Rodeo Drive of the Desert”. El Paseo Hospitality Funding, LP a federally approved USCIS Regional Center based in Irvine, CA is providing $11 million in EB-5 investor capital. First Bank-Palm Desert is funding the $22 million dollar senior loan. The planned start of construction is June 2015 and the scheduled opening is January 2017 (start of high season). West River Inc. was selected by the City of Palm Desert via an extensive RFP process to develop the hotel. West River Inc. has the existing Development Agreement, Exclusive Negotiating Agreement Land Purchase Agreement and a $1.8 million dollar Transient Occupancy Tax repayment agreement. The City of Palm Desert purchased the site for $5.5 million and is contributing the land to the project for $2.2 million dollars. The hotel will be flagged as a Marriott Autograph Collection Hotel. Richfield Hospitality Inc. a Marriott approved full-service management firm will manage the hotel. The hotel will be constructed by Davis Reed Construction with bonding capacity of $500 million. Davis Reed Construction will provide a Fixed Price, Guaranteed Maximum Priced contract. The project is ready to build subject to completing final construction drawings, final architectural committee review and processing a building permit.
For information about El Paseo Hotel in Palm Desert contact Lanford Tobe at (916) 796-6536 direct or (916) 444-9036 office
Products / Services
This is an investment opportunity to own part of a luxury Marriott hotel
Rapid growth and several annexations in the 1980s and 1990s have made Palm Desert a major shopping destination and the main center of business activity in the Coachella Valley. The city developed a major shopping area when the Palm Desert Town Center (now the Westfield Shoppingtown-Palm Desert) opened in 1983, followed by the arrival of Target in Desert Crossing in 1995.
El Paseo Drive is downtown Palm Desert’s main shopping street. The area around the street has evolved into an upscale shopping district featuring 150 boutiques, art galleries, and restaurants. El Paseo is often compared to Beverly Hills’ Rodeo Drive due its concentration of posh retail outlets and lush landscaping. The street runs parallel to State Route 111, which serves as the main thoroughfare in the Palm Springs metropolitan area.
West River Inc.
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