Hospitality Business for Sale in Palm Springs, CA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Hospitality Business
  • Location: Palm Springs, CA 92264
  • Year built: 1977

Description

Marcus & Millichap is pleased to solicit offers to acquire the leasehold interest in the Saguaro Palm Springs. The proposed transaction represents a unique opportunity to own a boutique hotel with resort amenities in one of the nation’s strongest drive-to markets with nearly 20.5 million people within driving distance of the Property. The Saguaro Palm Springs is a vibrant 244-key desert property proximate to both Downtown Palm Springs and chic Uptown Palm Springs showcasing 10,000 SF of indoor and 3,500 SF outdoor meeting space, yoga studio, lively pool scene, and breathtaking views of the San Jacinto Mountains. Investment Highlights: • 244 room hotel proximate to downtown and chic Uptown Palm Springs with 10,000 SF of indoor and 3,500 SF of outdoor meeting space, lively outdoor pool scene, and breathtaking views of the Mountains. • The hotel offers tremendous upside potential with the unique ability to acquire the asset free and clear of any brand or management providing investors with virtually unlimited branding & strategy. • The Property's "R3" zoning permits multifamily residential, and the Hotel could be a potential residential conversion opportunity. • Leasehold interest, 85 years remain, expires April 2111. Rent is currently the greater of $269,981 or 2.0% of Revenues. • Palm Springs is a world renowned vacation destination with some of the best golf courses and tennis facilities available anywhere. • Affiliation with a major global lodging company and/or marketing network may provide greater exposure leading to higher occupancies. • The STR RevPAR ranking is "8 of 8" among its competition. The competitive set reveals that the Hotel is underperforming the market, indicating upside potential for a new management team.

Market Context

This hospitality in Palm Springs, CA is listed for sale. The building dates to 1977. It has been on the market for 52 days. Compare it against other hospitality listings for sale in Palm Springs, CA — <a href="/search/sale/hospitality/california/palm-springs">view the full market</a>.

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