Jones Lang LaSalle Closes Transaction for CA Resort
Wednesday April 3rd, 2013 - 9:37AM S
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RANCHO MIRAGE, CA—Jones Lang LaSalle's Hotels & Hospitality Group has sourced joint-venture equity from Kam Sang Company resulting in the successful recapitalization of The Ritz-Carlton Resort, Rancho Mirage with Magna Capital.
Upon completion, the project will include 244 guestrooms, meeting and dining facilities with desert views, a 24,000-sq.-ft. destination spa and 16 high-end condominiums.
The resort will also contain 138 Ritz-Carlton Residences, which are expected to be completed within a few years of the hotel's reopening.
Tags: • Hospitality • Sources of Funding •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.