A dual-brand new-build will rise from the ground-up in Coachella, Calif., after securing financing for its development. The IHG-Hotel Indigo will be operated by Highgate Hotels, providing a luxury hotel for the many festivals and events in Coachella and Palm Springs, CA.
Architects Kristi Hanson, Carrier Johnson and James Beard-nominee Elizabeth Blau will oversee the design of the property.
The entire development will include the 51 casita 250-room Hotel Indigo, as well as a 10,000 square foot saltwater pool, and an 11-acre entertainment area to host events.
The building represents an investment of $51 million to the area. Pace Equity funded approximately $7.9 million for the project, representing 15 percent of the total development cost. PACE Equity also performed the energy engineering required for CPACE financing, obtained all governmental and mortgage approvals, and assisted with structuring the capital stack.
PACE Equity is a CPACE funder of commercial real estate development projects in the U.S.