Sydell Group Ltd. has acquired the 249-room Holiday Inn Resort at the corner of Sunrise and East Palm Canyon Drive in Palm Springs, CA. The Hotel is just down the road from the Ace Hotel & Swim Club, Palm Springs which Sydell redeveloped out of a former 1965 Howard Johnson’s location. Sydell will reposition and re-brand the hotel and its food & beverage offering. Joie de Vivre hotels has been selected to manage the soon to be renovated property.
Sydell acquired the leasehold interest for $10.2 million, a significant discount to replacement cost. The three-story hotel, originally constructed in 1977, underwent a complete renovation between 2007 and 2008 during which prior ownership spent approximately $19 million converting the hotel to a Holiday Inn franchise. The hotel features an expansive outdoor pool and an existing full service restaurant.
The Hotel was originally named “The International”