In Brief: Marcus & Millichap has arranged $4.56 million in financing for the acquisition of a boutique hotel in Palm Springs, California, highlighting continued lender support for independent hotel transactions in prominent leisure markets.
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A Place in the Sun Hotel – Image Credit Marcus & Millichap – Image Credit marcus
Marcus & Millichap Capital Corporation (MMCC) arranged $4,566,000 in financing for the acquisition of A Place in the Sun, a boutique hotel located at 754 East San Lorenzo Road in Palm Springs, California.
Ash Patel, director in MMCC’s San Francisco office, secured the SBA 504 loan with a regional bank on behalf of a private client. The financing includes a 30-year amortization and an 80% loan-to-value ratio.
“This transaction reflects the continued depth of lender interest in well-located hospitality assets with strong historical character and differentiated guest amenities,” said Patel. “A Place in the Sun is a distinctive Palm Springs property, and we were pleased to secure long-term acquisition financing that supports our client’s investment strategy.”
Originally built in the early 1950s as a retreat for the cast and crew of the film classic A Place in the Sun, the boutique hotel offers a heated pool and jacuzzi, along with a professional artificial turf putting green.