Atlas Structures Sale of Palm Springs' Riviera
IRVINE, CA, May 30, 2006. Atlas Hospitality Group announced today the sale of the iconic Palm Springs Riviera Resort and Racquet Club for an undisclosed price. Atlas Senior Vice President Tim L. Edgar represented both the seller, an affiliate of the $4.5 billion Southwest Carpenter's Union Pension Trust Fund, and the buyer, a joint-venture between Phoenix-based HBF Holdings, LLC and Seattle-based Noble House Hotels & Resorts.
The 476-room Riviera, the largest hotel in Palm Springs, sits on about 21 acres of land and includes over 50,000 square feet of meeting space, an 18-hole putting course, 9 championship tennis courts, volleyball & basketball courts and a fitness room.
In its prime as the Coachella Valley's premiere resort, the Palm Springs Riviera hosted Hollywood luminaries such as Jayne Mansfield and Desi Arnaz. Frank Sinatra and the Rat Pack, Elvis and Bob Hope all performed in the resort's famous Mediterranean Showroom.
The Riviera's political connections run deep. In 1964, the first diplomatic meeting between the U.S. and Mexico took place at the hotel. Attendees included President Lyndon B. Johnson, Mexican President Lopez Mateos and Dwight D. Eisenhower. The hotel has also hosted Richard Nixon and Gerald Ford, who was a weekend regular.
The buyers plan on restoring the Riviera to its former grandeur. The massive, $50-million plus renovation will upgrade the guest rooms and meeting facilities, reconfigure the lobby and common areas and add a world-class spa. A residential condominium component is also under
consideration.
"The renovation plan is ambitious, but based on the economic growth and continued increase in demand, this is a perfect time to reposition this asset back into the upscale segment of the market," Edgar said. "With the recent expansion of the convention center, the plans for the new Spa Casino, and other proposed developments like the Hard Rock Hotel, Palm Springs is enjoying a resurgence as a premier resort destination."
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