{"id":1004239364,"date":"2018-07-03T07:23:52","date_gmt":"2018-07-03T15:23:52","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004239364"},"modified":"2022-12-08T09:55:35","modified_gmt":"2022-12-08T17:55:35","slug":"george-smith-partners-arranges-32m-for-coachella-hotel-development","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/george-smith-partners-arranges-32m-for-coachella-hotel-development\/","title":{"rendered":"George Smith Partners Arranges $32M for Coachella Hotel Development"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<div id=\"attachment_1004229040\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/coachella.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004229040\" data-attachment-id=\"1004229040\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/coachella-hotel-receives-8m-funding\/coachella\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/coachella.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Renew Financial&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;(PRNewsfoto\/Renew Financial)&quot;,&quot;created_timestamp&quot;:&quot;1525824000&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;coachella&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"IHG-Hotel Indigo\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;IHG-Hotel Indigo&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/coachella.jpg?w=800\" class=\"wp-image-1004229040 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/coachella.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/coachella.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/coachella.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/coachella.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004229040\" class=\"wp-caption-text\">IHG&#8217;s Hotel Indigo, Coachella, Calif.&nbsp;<\/p><\/div>\n<p>George Smith Partners has arranged $32.4 million in financing for the development of an IHG Hotel Indigo, a 35-acre casitas-style resort in Coachella, Calif. The project secured a $24.4 million senior construction loan and <a href=\"https:\/\/www.commercialsearch.com\/news\/coachella-hotel-receives-8m-funding\/\">$8 million PACE funding<\/a>, making it the first hotel project ever to be financed by PACE in California.&nbsp;<\/p>\n<p>The 250-key resort will be the closest property to the Empire Polo Club, the site of several music festivals held annually in the area. The development will include a 13,000-square-foot convention center, an 11-acre &#8216;playground&#8217; for music related events, a restaurant, gym and yoga studio, a 10,000-square-foot salt water pool with summer cooling system and DJ booth, and a spa. The guestrooms will offer private entrances and en-suite bathrooms in two-, four- or six-bedroom casitas with living rooms and social areas.&nbsp;<\/p>\n<p>The PACE financing will act as an energy loan to finance the efficient HVAC, windows, seismic strengthening, lighting and water systems. The City of Coachella also provided a $25 million tax abatement and approved Mello Roos bond financing for the project&#8217;s infrastructure.&nbsp;<\/p>\n<p>George Smith Partners&#8217; Principal &amp; Co-Founder Steve Bram, Senior Vice President David Pascale Jr. and Assistant Vice President Huber Bongolan Jr. arranged the financing on behalf of the developer, Glenroy Coachella.&nbsp;<\/p>\n<p><em>Image courtesy of George Smith Partners<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>California\u2019s first PACE-financed hotel project, IHG Hotel Indigo will receive $8 million in financing for energy efficiency, as well as a $24.4 million senior construction loan.<\/p>\n","protected":false},"author":746,"featured_media":1004229040,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,21751,1594,21742,15],"tags":[33306,33857,32848,35779,40919],"class_list":["post-1004239364","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-hotel","category-los-angeles","category-latest","category-west","tag-george-smith-partners","tag-hotel-indigo","tag-intercontinental-hotels-group","tag-pace","tag-steve-bram"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>George Smith Partners Arranges $32M for Coachella Hotel Development - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/george-smith-partners-arranges-32m-for-coachella-hotel-development\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"George Smith Partners Arranges $32M for Coachella Hotel Development\" \/>\n<meta property=\"og:description\" content=\"California\u2019s first PACE-financed hotel project, IHG Hotel Indigo will receive $8 million in financing for energy efficiency, as well as a $24.4 million senior construction loan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/george-smith-partners-arranges-32m-for-coachella-hotel-development\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-07-03T15:23:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T17:55:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/coachella.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"IvyLee Rosario\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/george-smith-partners-arranges-32m-for-coachella-hotel-development\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/george-smith-partners-arranges-32m-for-coachella-hotel-development\/\",\"name\":\"George Smith Partners Arranges $32M for Coachella Hotel Development - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/george-smith-partners-arranges-32m-for-coachella-hotel-development\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/george-smith-partners-arranges-32m-for-coachella-hotel-development\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/coachella.jpg\",\"datePublished\":\"2018-07-03T15:23:52+00:00\",\"dateModified\":\"2022-12-08T17:55:35+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f2094ece0e063845f848c7f1c7b84780\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/george-smith-partners-arranges-32m-for-coachella-hotel-development\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/george-smith-partners-arranges-32m-for-coachella-hotel-development\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/george-smith-partners-arranges-32m-for-coachella-hotel-development\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/coachella.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/coachella.jpg\",\"width\":800,\"height\":620,\"caption\":\"IHG-Hotel Indigo\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/george-smith-partners-arranges-32m-for-coachella-hotel-development\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"George Smith Partners Arranges $32M for Coachella Hotel Development\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f2094ece0e063845f848c7f1c7b84780\",\"name\":\"IvyLee Rosario\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/IvyLee_Rosario.jpg?w=67\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/IvyLee_Rosario.jpg?w=67\",\"caption\":\"IvyLee Rosario\"},\"description\":\"IvyLee Rosario is a Senior Associate Editor for Commercial Property Executive and Multi-Housing News. She has a background in Journalism and joined the team in 2016. She produces the MHN Daily newsletter, manages byline content, oversees the Research Center for both brands and hosts the Multifamily's Top Marketers podcast. Connect with her here\u2014Twitter: @IvyLeeRosario and LinkedIn: https:\/\/www.linkedin.com\/in\/ivyleerosario\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/ivyleerosario\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"George Smith Partners Arranges $32M for Coachella Hotel Development - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/george-smith-partners-arranges-32m-for-coachella-hotel-development\/","og_locale":"en_US","og_type":"article","og_title":"George Smith Partners Arranges $32M for Coachella Hotel Development","og_description":"California\u2019s first PACE-financed hotel project, IHG Hotel Indigo will receive $8 million in financing for energy efficiency, as well as a $24.4 million senior construction loan.","og_url":"https:\/\/www.commercialsearch.com\/news\/george-smith-partners-arranges-32m-for-coachella-hotel-development\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2018-07-03T15:23:52+00:00","article_modified_time":"2022-12-08T17:55:35+00:00","og_image":[{"width":800,"height":620,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/coachella.jpg","type":"image\/jpeg"}],"author":"IvyLee Rosario","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/george-smith-partners-arranges-32m-for-coachella-hotel-development\/","url":"https:\/\/www.commercialsearch.com\/news\/george-smith-partners-arranges-32m-for-coachella-hotel-development\/","name":"George Smith Partners Arranges $32M for Coachella Hotel Development - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/george-smith-partners-arranges-32m-for-coachella-hotel-development\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/george-smith-partners-arranges-32m-for-coachella-hotel-development\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/coachella.jpg","datePublished":"2018-07-03T15:23:52+00:00","dateModified":"2022-12-08T17:55:35+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f2094ece0e063845f848c7f1c7b84780"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/george-smith-partners-arranges-32m-for-coachella-hotel-development\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/george-smith-partners-arranges-32m-for-coachella-hotel-development\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/george-smith-partners-arranges-32m-for-coachella-hotel-development\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/coachella.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/coachella.jpg","width":800,"height":620,"caption":"IHG-Hotel Indigo"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/george-smith-partners-arranges-32m-for-coachella-hotel-development\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"George Smith Partners Arranges $32M for Coachella Hotel Development"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f2094ece0e063845f848c7f1c7b84780","name":"IvyLee Rosario","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/IvyLee_Rosario.jpg?w=67","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/IvyLee_Rosario.jpg?w=67","caption":"IvyLee Rosario"},"description":"IvyLee Rosario is a Senior Associate Editor for Commercial Property Executive and Multi-Housing News. She has a background in Journalism and joined the team in 2016. She produces the MHN Daily newsletter, manages byline content, oversees the Research Center for both brands and hosts the Multifamily's Top Marketers podcast. Connect with her here\u2014Twitter: @IvyLeeRosario and LinkedIn: https:\/\/www.linkedin.com\/in\/ivyleerosario\/","url":"https:\/\/www.commercialsearch.com\/news\/author\/ivyleerosario\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/coachella.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004239364","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/746"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004239364"}],"version-history":[{"count":9,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004239364\/revisions"}],"predecessor-version":[{"id":1004240504,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004239364\/revisions\/1004240504"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004229040"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004239364"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004239364"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004239364"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}