Coachella Hotel Receives $8M Funding
- May 10, 2018
Pace Equity, in partnership with Renew Financial, has arranged $7.9 million in financing for IHG-Hotel Indigo, a new development in Coachella, Calif. The hotel is a $51 million construction and the loan represents 15 percent of the total cost. Pace Equity also completed the energy engineering required for CPACE financing, received all governmental and mortgage approvals, and assisted with structuring the capital stack. The IHG-Hotel Indigo will be operated by Highgate Hotel.
The luxury hotel will profit from the people who visit Coachella and Palm Springs for the festivals and events. Hotel Indigo was developed by Stuart Rubin and designed by Kristi Hanson, Carrier Johnson and Elizabeth Blau. The 250-key project features 51 casitas, a 10,000-square-foot saltwater pool and an 11-acre entertainment area to host events.
“This is the culmination of years of work to bring the first IHG-Hotel Indigo to Coachella. As longtime travelers to the area, we are proud of what we’re creating and look forward to the opening in the fall,” said Rubin, in prepared remarks. “The entire development and financing team worked closely together to see our vision achieved. Utilizing Pace Equity reduced our cost of capital. What made the difference was that Pace Equity brought not only financing but a turnkey service including the structuring with the rest of the capital stack, the required approvals for Pace and the necessary energy engineering.”
Image courtesy of Pace Equity