Hotel Business Magazine, hotelbusiness.com | The Newspaper For Lodging Decision Makers

Jones Lang LaSalle Closes Transaction for CA Resort

Wednesday April 3rd, 2013 - 9:37AM

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.