Rael Development Corporation (Raelcorp) is undertaking the construction of a hotel in Palm Springs, California, the US.
The project involves the construction of a 150-guestroom, 13-suite hotel. It includes the construction of 464m2 meeting and banquet facilities, 2,322m2 of boutique retail space, two outdoor pools, an elevated poolside retreat and terrace bar, full service spa, a fitness facility, a signature restaurant, lounge, parking spaces, and the installation of electrical systems and safety and security systems.
NorthMarq Capital, LLC capital has been appointed as the financial advisor for the project.
On March 26, 2015, Hyatt Hotels Corporation (Hyatt) signed a management agreement with Raelcorp to operate and manage the hotel under its Andaz Hotel brand.
SMS architects have been appointed as architects and SR Construction as general contractor for the project.
Raelcorp secured the land permit from the Department of Planning Services.
As of October 2015, Raelcorp submitted construction documents and awaiting building permits.
On December 3, 2015, ground breaking ceremony held, marking the commencement of construction works.
In October 2016, Project was placed on hold.
In December 2017, Raelcorp secured US$55 million loan from HALL Structured Finance.
In the first quarter of 2018, construction work resumed.
Construction works are underway, with completion scheduled in January 2019.
1.Key Statistics
2.Key Dates
3.Sector
4.Operating metrics
5.Scope
6.Description
7.Latest update
8.Background
9.Key Contacts
10.General News, Project News
11.Appendix
