HomeMy WebLinkAbout2A - PresentationREVIEW OF
HOTEL OPERATIONS
COVENANT
PS Ventures I, LLC
for The Dunes Hotel, Palm
Springs
Palm Springs City Council
February 27, 2025
Prepared by: Office of Economic Development 1
127 Keys, structural, building
envelope, new guest rooms, pool,
pool deck and building systems
$7,893,278 total in property
improvements
PS Ventures I, LLC
390 S. Indian Canyon
PROJECT OVERVIEW
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IMPROVEMENTS INCLUDE
•Comprehensive structural updates
•Installation of new plumbing
•Enhanced IT experience
•Property enclosure
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IMPROVEMENTS
INCLUDE
•Guest room redesign
•New flooring, lighting,
bath, and fixtures
•New case goods & soft
goods
•Pool and spa, gym
•Exterior landscaping
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FINANCIAL SUMMARY
Aggregate project cost must total > $5,000/key of improvements
Yara Hotel documented $7,893,278 (62,151$/key); meets base qualification for participation
Base of TOT calculation $142,387; 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 $789,327 annually in increment; or $6,215/key/annum additional)
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