INVESTMENT $8,000,000€¦ · PALM DESERT, CALIFORNIA 92211 760.772.6400| CBCLYLE.NET Steve Lyle...

Steve Lyle Bruce Bushore760.578.9927 760.772.6400CalDRE #00762911 CalDRE #[email protected] [email protected]

COLDWELL BANKER COMMERCIAL

COMMERCIAL LYLE & ASSOCIATES

78000 FRED WARING DR| SUITE 200

PALM DESERT, CALIFORNIA 92211

760-772-6400

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Real Estate LLC, Lyle & Associates, LP Coldwell Banker Commercial Affiliates. Each sales representative and broker is responsible for complying with anyconsumer disclosure laws or regulations.

1201, 1243, 1269 EAST PALM CANYON DRIVE, PALM SPRINGS, CA 92264

TRAVELODGELocation Description

Located in the highly popular East Palm Canyon

Corridor between the Ace Hotel and the Saguaro

Hotel. This desirable wind free area of Palm Springs is

owned by the Agua Caliente Indians and ground

leased to Hotels, Restaurants, Shopping Centers and

Condominium projects throughout the corridor. The

maximum terms are 99 year leases and extensions to

older leases have been granted subject to appraisal

and Bureau of Indian Affairs approval.

/ /INVE

STM

ENT

FOR SALE$8,000,000




760.772.6400 | CBCLYLE.NET


OFFERING SUMMARY

SALE PRICE: $8,000,000

LOT SIZE: 6.99 Acres

YEAR BUILT: 1978

NUMBER OF FLOORS: 2

ZONING: R3

COUNTY: Riverside

PROPERTY HIGHLIGHTS• 1201 East Palm Canyon Drive / ±7,500 SF Restaurant @ $120 PSF = $900,000

- APN 511-020-037 / ±1.34 Acres

• 1243 East Palm Canyon Drive / ±4,375 SF Restaurant @ $114 PSF = $500,000

- APN 511-020-038 / ±0.94 Acres

• 1269 East Palm Canyon Drive / 143 Room Hotel @ $46,153 per room = $6,600,000

- APN 511-020-039 /±4.71 Acres

EXECUTIVE SUMMARY / /1 2 0 1 , 1 2 4 3 , 1 2 6 9 E A S T P A L M C A N Y O N D R I V E , P A L M S P R I N G S , C A 9 2 2 6 4

TRAVELODGE

HOTEL AMENITIES

Room MixKing Rooms - 51King Suites - 7Queen Rooms - 18Double Queen Rooms - 62Handicap Double King Rooms - 2Handicap Double Queen Rooms - 2Total Hotel Rooms - 143

FacilitiesMeeting Room - 53 Persons / ±475 SFLaundry Room - 1Fitness Room - 1Lobby & Employee Lounge - 1Outdoor Heated Pool - 1Outdoor Hot Tub - 1

PROPERTY OVERVIEW

REDEVELOPMENT OPPORTUNITIESHotel - Renovate, rebrand, add amenities on excess land, or

relocate and expand pool area to front of hotel rooms(middle of property).

- Redevelop into a popular pool party venue withoutdoor bar and entertainment.

Restaurants - Renovate and integrate into a full service resort orlease separately to subtenants or demolish and add heightand density to either or both prime frontage parcels.

Age: Hotel 1978 / Restaurants 1978-1979Zoning: R3 - Multi family & hotel use/apartment, condo,

restaurants, Rehab w/CUP, Assisted Living w/CUP

LEASE TERMSOriginal Lease Date: June 7, 1977Expiration Date: June 7, 2042Current Years Remaining: 23 YearsExtension Opportunity: Subject to approval upon finalization

of probate court action, which is in progress.Lease Rate: $11,685.00 NNN per month ($140,220.00 annually)

with CPI every 5 years




760.772.6400 | CBCLYLE.NET


DETAILS / /1 2 0 1 , 1 2 4 3 , 1 2 6 9 E A S T P A L M C A N Y O N D R I V E , P A L M S P R I N G S , C A 9 2 2 6 4

TRAVELODGE




760.772.6400 | CBCLYLE.NET


ADDITIONAL PHOTOS / /1 2 0 1 , 1 2 4 3 , 1 2 6 9 E A S T P A L M C A N Y O N D R I V E , P A L M S P R I N G S , C A 9 2 2 6 4

TRAVELODGE




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LOCATION MAPS / /1 2 0 1 , 1 2 4 3 , 1 2 6 9 E A S T P A L M C A N Y O N D R I V E , P A L M S P R I N G S , C A 9 2 2 6 4

TRAVELODGE

INVESTMENT $8,000,000€¦ · PALM DESERT, CALIFORNIA 92211 760.772.6400| CBCLYLE.NET Steve Lyle...

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