HomeMy WebLinkAbout2A PresentationReview of
Hotel
Operations
Covenant
Sonora Group, LLC
for Yara Hotel, Palm Springs
Palm Springs City Council
February 13, 2025
Prepared by: Office of Economic Development
Item 2A - Page 1
Overview
N
10 Keys, pool and amenities
Total $857,122.64 in property
improvements
Sonora Group, LLC
211 E Sonora Road
Historic facts
Item 2A - Page 2
Improvements
include
•Updates to three buildings
•New flooring, walls, baths
•Guestroom FF&E
•Guest room electronic key
Item 2A - Page 3
Improvements
include
•New clubhouse updates
•Bathrooms updated, tile
and light fixtures
•Updated kitchen with
updated applicants,
cabinets and finishes
Item 2A - Page 4
Improvements
include
•Exterior improvements
•Pool area new FF&E
•Landscaping updates
with irrigation
•All new exterior
lighting and entry
Item 2A - Page 5
Financial
summary
Fiscal Summary
Aggregate project cost must total > $5,000/key of
improvements
Yara Hotel documented $857,122.64 of
reimbursable expenses ($85,712/key)
Base of TOT calculation $102,481; increment
above that amount is split 50/50 with owner
Reimbursed over 10 years or total of project
costs, whichever is reached first (to achieve total,
must earn $171,424 annually in increment; or
$17,142/key/annum additional)
Item 2A - Page 6