{"id":1004200444,"date":"2017-12-18T05:35:22","date_gmt":"2017-12-18T13:35:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004200444"},"modified":"2022-12-08T04:19:06","modified_gmt":"2022-12-08T12:19:06","slug":"hsf-closes-55m-construction-loan-for-new-ca-hyatt","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hsf-closes-55m-construction-loan-for-new-ca-hyatt\/","title":{"rendered":"HSF Closes $55M Construction Loan for New CA Hyatt"},"content":{"rendered":"<p>By Jeff Hamann<\/p>\n<div id=\"attachment_1004200456\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Hyatt-Andaz-Hotel-Palm-Springs-Rendering.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004200456\" data-attachment-id=\"1004200456\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hsf-closes-55m-construction-loan-for-new-ca-hyatt\/hyatt-andaz-hotel-palm-springs\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Hyatt-Andaz-Hotel-Palm-Springs-Rendering.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;HALL Structured Finance&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;Hyatt Andaz Hotel Palm Springs Rendering (PRNewsfoto\/HALL Structured Finance)&quot;,&quot;created_timestamp&quot;:&quot;1513036800&quot;,&quot;copyright&quot;:&quot;This image must be used within the context of the news release it accompanied. Request permission from issuer for other uses.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;Hyatt Andaz Hotel Palm Springs&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Hyatt Andaz Hotel Palm Springs\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Hyatt Andaz Hotel Palm Springs&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Hyatt-Andaz-Hotel-Palm-Springs-Rendering.jpg?w=800\" class=\"wp-image-1004200456 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Hyatt-Andaz-Hotel-Palm-Springs-Rendering.jpg\" alt=\"Hyatt Andaz Hotel Palm Springs\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Hyatt-Andaz-Hotel-Palm-Springs-Rendering.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Hyatt-Andaz-Hotel-Palm-Springs-Rendering.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Hyatt-Andaz-Hotel-Palm-Springs-Rendering.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004200456\" class=\"wp-caption-text\">Hyatt Andaz Hotel Palm Springs<\/p><\/div>\n<p>HALL Structured Finance has closed on a $54.8 million loan to finance the construction of a new Hyatt property in Palm Springs, Calif. The Rael Development Corp.-owned 150-key Hyatt Andaz Hotel is anticipated to open by the end of January 2019.<\/p>\n<p>Located at 400 N. Palm Canyon Drive, the property will sit approximately five miles south of Interstate 10 and within two miles of Palm Springs International Airport. The hotel initially broke ground in 2015 after securing more than $63 million in financing, but construction slowed to a halt in 2016 due to cost and design issues with the general contractor. In September 2017, Rael Development announced that construction would be resuming in the near future.<\/p>\n<h2>Hotel and retail<\/h2>\n<p>The Hyatt will feature two outdoor swimming pools, a full-service spa, a number of restaurants and 6,000 square feet of event space and banquet facilities. The guestrooms will sit on the second and third floors of several small buildings spread across more than four acres of land. Also included in the hotel development is a retail component, the Shops on Palm Canyon. Offering 30,000 square feet of street-level space, the retail development will\u00a0target a tenant mix of restaurants, boutiques and galleries.<\/p>\n<p><em>&#8220;We are designing and constructing this project to be one of the highest quality resorts in the region,\u201d <\/em>said Lawrence Rael, co-owner of Rael Development, in a prepared statement. <em>\u201cHSF recognized the unique opportunity of the project and worked diligently with our team to secure this loan, and we are excited to deliver this project to Palm Springs next year.\u201d<\/em><\/p>\n<p>HSF has closed more than $250 million in construction loans in 2017, including a recent $26 million loan to finance the construction of a new <a href=\"https:\/\/www.commercialsearch.com\/news\/pollack-realty-lands-26m-for-ca-boutique-hotel\/\">boutique hotel property<\/a> in Menlo Park, Calif.<\/p>\n<p><em>Image courtesy of HALL Structured Finance<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 150-key property is scheduled to open in early 2019 and will feature a full-service spa and fitness center along with 30,000 square feet of retail.<\/p>\n","protected":false},"author":861,"featured_media":1004200456,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,21751,21742,15],"tags":[37262,33185,38593],"class_list":["post-1004200444","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-hotel","category-latest","category-west","tag-hall-structured-finance","tag-hyatt","tag-rael-development-corporation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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