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HomeHotels & LodgingJones Lang LaSalle Hotels arranged the $57 million sub-leasehold sale of the Wyndham Palm Springs

Jones Lang LaSalle Hotels arranged the $57 million sub-leasehold sale of the Wyndham Palm Springs

Jones Lang LaSalle Hotels arranged the sale of the Wyndham Palm Springs on behalf of the seller of the hotel…

Jones Lang LaSalle Hotels arranged the sale of the Wyndham Palm Springs on behalf of the seller of the hotel. Highland Hospitality bought the property for the sub-leasehold price of $57 million, or $139,000 per key.



Located in downtown Palm Springs, California, the Wyndham Palm Springs is attached to the expanding Palm Springs Convention Center, and is within walking distance of the new $90 million Spa Resort Casino and the fashionable Palm Canyon Drive shopping district. The 410-room hotel features 158 suites, three food and beverage outlets, and 27,000 square feet of indoor meeting space. Combined with the convention center, the Wyndham Palm Springs will offer over 200,000 square feet of meeting space when the $32.3 million expansion is completed in September, 2005.



This is a smart acquisition for Highland Hospitality, who bid in a very competitive environment, following numerous unsolicited offers the owner received this past year. The Wyndham Palm Springs completed a $5.7 million capital expenditure program over the last two years, said John Strauss, senior vice president for Jones Lang LaSalle Hotels in Los Angeles.



Based on recent market performance and local hoteliers` optimistic outlook, the Coachella Valley exhibits many qualities for short and long-term growth and has evolved in the past decade as a year-round destination. Its drive-to location assisted the market`s resilience after 9/11 and during the soft economy,
said Arthur Buser, managing director for Jones Lang LaSalle Hotels in Los Angeles. In addition, the annual Palm Springs International Film Festival is playing a role in reviving the city as an A-list destination, as this popular event drew a crowd of 100,000 movie-goers in 10 days, and has become a part of the Oscar campaign season.

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