desert hills palm springs, ca 922262 offerered at $3,795,000 · 2018-04-16 · michael kassinger...

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Michael Kassinger 760-668-2322 [email protected] BRE #01213797 Desert Hills Palm Springs, CA 922262 Offerered At $3,795,000 Realty Trust Hotel Group / Berkshire Hatahway Sandra Quinn 760-861-5150 [email protected] BRE # 01391280

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Page 1: Desert Hills Palm Springs, CA 922262 Offerered At $3,795,000 · 2018-04-16 · Michael Kassinger 760-668-2322 michael@michaelkassinger.com BRE #01213797 Desert Hills Palm Springs,

Michael Kassinger760-668-2322

[email protected] #01213797

Desert HillsPalm Springs, CA 922262

Offerered At $3,795,000

Realty Trust Hotel Group / Berkshire Hatahway

Sandra Quinn 760-861-5150

[email protected] # 01391280

Page 2: Desert Hills Palm Springs, CA 922262 Offerered At $3,795,000 · 2018-04-16 · Michael Kassinger 760-668-2322 michael@michaelkassinger.com BRE #01213797 Desert Hills Palm Springs,

Desert Hills

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied as to the accuracy of the information. References to square footage or age are approximate. Broker has not verified this information. Buyer must verify the information and bears all risk for any inaccuracies.

Page 3: Desert Hills Palm Springs, CA 922262 Offerered At $3,795,000 · 2018-04-16 · Michael Kassinger 760-668-2322 michael@michaelkassinger.com BRE #01213797 Desert Hills Palm Springs,

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied as to the accuracy of the information. References to square footage or age are approximate. Broker has not verified this information. Buyer must verify the information and bears all risk for any inaccuracies.

INVESTMENT OVERVIEW

The Hotel Properties Group of Realty Trust has been retained as the exclusive real estate broker to represent and offer for sale of Desert Hills, a fee simple property consisting of fourteen guest rooms situated on 1 lot totaling approx. 0.55 acres and identifiedas Assessor Parcel Number (APN) 513-131-023.

The Desert Hills Inn is located in the heart of Palm Spring's exclusive Tennis Club Area and within walking distance to downtown Palm Spring , has an excellent location to some of the greatest shopping and restaurants in Southern California.

Following the “great recession” of 2008 the hospitality market felt the enormous effects as vacation travelers began to cut back ontheir non-essential travel plans and when travelling cut back from week long trips to long weekend trips and choosing to drive tocloser destinations rather than fly to more distant places.

The Palm Springs Valley area fared better than many other locations across the country as the loss of their fly in guests were offsetby the huge Southern California population who also cut back on flying but were comfortable with a 2 hour drive to get away toPalm Springs.

Page 4: Desert Hills Palm Springs, CA 922262 Offerered At $3,795,000 · 2018-04-16 · Michael Kassinger 760-668-2322 michael@michaelkassinger.com BRE #01213797 Desert Hills Palm Springs,

PROPERTY DETAILSAddress 601 West Arenas Road, Palm Springs, CA

County Riverside County

Parcel Number 513-131-023

Ownership Interest

Fee Simple

# of Rooms 14 Guest Rooms

Year Built N/A

Site Area 23,958 sq. ft. (0.55 Acres)

Franchise Independent Boutique Hotel

Floors/ Layout 1 story.

Facilities & Amenities

- Private patios with lounge chairs- Tranquil courtyard setting with mature trees.- Sparkling pool- Outdoor Spa- 15 Parking spaces- 13 Units have full kitchens- Office / Reception / Check In Area-

Mechanical Systems

Rooms are cooled by whisper-quiet high quality mini-split air conditioning

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied as to the accuracy of the information. References to square footage or age are approximate. Broker has not verified this information. Buyer must verify the information and bears all risk for any inaccuracies.

Page 5: Desert Hills Palm Springs, CA 922262 Offerered At $3,795,000 · 2018-04-16 · Michael Kassinger 760-668-2322 michael@michaelkassinger.com BRE #01213797 Desert Hills Palm Springs,

Room / Property Layout

Page 6: Desert Hills Palm Springs, CA 922262 Offerered At $3,795,000 · 2018-04-16 · Michael Kassinger 760-668-2322 michael@michaelkassinger.com BRE #01213797 Desert Hills Palm Springs,

LOCATION OVERVIEWRiverside County is one of 58 counties that divides the state ofCalifornia, covering approximately 7,208 sq. miles. Riverside Countylies inland of Los Angeles County and is bordered on the west byOrange County and on the north by San Bernardino County. Riversideand San Bernardino counties form the Inland Empire.

Geographically, the county is made up mostly by desert landforms withMediterranean climate in the western portion of the county, wherethe city of Palm Desert is located.

Neighboring resort cities (Palm Springs, Indian Wells, La Quinta,Rancho Mirage, etc.) are known to attract numerous vacationersannually with consistent warmer climate and social events. Thesecities were one of the fastest growing regions in the state prior to therecent economical downturn.

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied as to the accuracy of the information. References to square footage or age are approximate. Broker has not verified this information. Buyer must verify the information and bears all risk for any inaccuracies.

Page 7: Desert Hills Palm Springs, CA 922262 Offerered At $3,795,000 · 2018-04-16 · Michael Kassinger 760-668-2322 michael@michaelkassinger.com BRE #01213797 Desert Hills Palm Springs,

This iconic Mid-Century Modern hotel welcomes those who relish privacy and relaxation amid the breathtaking beauty of Palm Springs. Built in 1957 and designed by Herbert Burns, this is an opportunity to acquire a beautifully maintained resort in the enviable Tennis Club neighborhood. There are 15 individualized rooms from a standard studio to a two bedroom apartment, many with small kitchens and private patios. Rooms overlook the pool with fabulous views from each. Shade is scarce in other Palm Springs resorts but is highlighted here with a large covered area with majestic, up close views of the San Jacinto mountains around the heated pool. Another rare attribute of this hotel is offstreet parking for guests. Additional amenities include a front office/reception area, guest pantry for coffee and snacks, on-site laundry, two gas grills and ice machine. Perfect location-walk two blocks to the heart of town. Incredible opportunity for an established resort!

Page 8: Desert Hills Palm Springs, CA 922262 Offerered At $3,795,000 · 2018-04-16 · Michael Kassinger 760-668-2322 michael@michaelkassinger.com BRE #01213797 Desert Hills Palm Springs,

DISCLAIMER

This Confidential Investment Offering Memorandum (“Memorandum”), which is intended solely for your limited use and benefitin determining whether you desire to express any further interest in participating in the acquisition of The Desert Hills “Property/Hotel” in Palm Springs, CA. By accepting this memorandum, the recipient agrees to comply strictly with the terms and conditions of this Confidentiality Agreement previously executed and delivered to Realty Trust. by the Recipient with respect to this memorandum and all information contained herein, and to use this memorandum only for the purpose of evaluating theoffering made hereby.

This Memorandum was prepared by realty Trust. and has been reviewed by the Owner. It contains select information pertaining to the Property and does not purport to be all- inclusive or to contain all of the information , which prospective investors maydesire. This information has been secured from sources we believe to be reliable, but we make no representations or warranties,expressed or implied as to the accuracy of the information. References to square footage or age are approximate. Broker hasnot verified this information. Buyer must verify the information and bears all risk for any inaccuracies.

More detailed information and an opportunity to inspect material related to the Property will be made available to interestedand qualified prospective investors. Neither the Owner nor Realty Trust. nor any of their respective officers have made any representation or warranty , expressed or implied, as to the accuracy or completeness of this Memorandum or any of itscontents, and no legal commitments or obligations shall arise by reason of this memorandum or its contents. The Agent,Owner, and the Manager reserve the right to engage in discussions or negotiations with one or more recipients or otherperspective investors at any time without notification to, or other obligation to, any other Recipient or prospective investor. Theoffering is subject to change in terms or termination without notice.

The Agent reserves the right to require the return of this Memorandum and any other material provided to the Recipient at anytime. Photocopying or other duplication of the Investment Offering Memorandum in part or entirety is not authorized.