Lowe Acquires Miramonte Resort & Spa in Indian Wells, California

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USA, Los Angeles, California. February 24, 2021

Lowe, a national real estate developer, investor and manager, announced that it has acquired the 215-room Miramonte Resort & Spa prominently located on Highway 111 in Indian Wells, California. Concurrent with the completion of the acquisition, Lowe will begin implementing a reopening plan for the resort, which has been closed since March, 2020 due to COVID-19. Reopening of Miramonte is anticipated for early 2021.

The Miramonte Resort offers guests spacious accommodations including suites and bungalows, an array of premier dining spots, three outdoor pools and a 12,000-square-foot award-winning spa. A luxury, boutique resort, Miramonte is designed with multiple low-rise buildings nestled throughout its richly landscaped 11-acres, which occupy a spectacular desert setting at the base of the Santa Rosa Mountains.

"The Miramonte Resort & Spa is a stunning property that offers a sophisticated, yet quintessential California casual resort experience for visitors to the greater Palm Springs area," said Rob Lowe, co-CEO of Lowe. "Lowe has several decades of experience in Coachella Valley, including as operator of Miramonte Resort & Spa. We are thrilled to be involved with this property again, and our history with the asset uniquely positions Lowe to successfully guide Miramonte's reopening." Lowe's management subsidiary, CoralTree Hospitality, will manage the resort.

Miramonte guests can enjoy the property's many outdoor amenities, dining and lounge options as well as the resort's award-winning spa. Miramonte offers three outdoor pool options, each with poolside food and beverage service. The expansive resort pool features abundant lounge seating, private cabanas, a heated whirlpool and dramatic mountain views. The Hideaway Pool offers a secluded setting among the trees with lounge seating and a heated whirlpool. Located in the spa's private courtyard is a cool water pool and a 102-degree pool with waterfalls, both available to spa guests. Guests at the resort have access to a wealth of experiences including golf at nearby championship courses, tennis, hiking, scenic desert and Palm Springs area tours.

The Tuscany-themed Miramonte is highly visible and conveniently located on Highway 111, the region's major thoroughfare. Originally opened in 1963 as the Erawan Gardens hotel, the property underwent a $28 million comprehensive renovation in the late 1990s, reopening in 1998 as the Miramonte Resort & Spa. Throughout the decades, Miramonte's abundant landscaping has been maintained and improved and today features sculpted gardens, olive and citrus groves.

Miramonte was most recently renovated in 2017 with upgrades to the resort's dining options including the lobby bar and lounge, which offers comfortable seating areas for socializing along with a dedicated coffee corner; and a reconcepted full service restaurant offering a seasonal menu inspired by locally sourced ingredients. Miramonte's more than 20,000 square feet of indoor event space was redesigned blending elements of classic Palm Springs modernism with sleek contemporary finishes.

"Lowe's acquisition of Miramonte demonstrates our confidence in the strength of the Coachella Valley hospitality market which has continued to be a popular destination throughout the pandemic for visitors seeking a relaxing getaway or a beautiful remote working environment," observed Lowe Executive Vice President Matt Walker.