Coachella is betting Hotel Indigo will bring tourists, taxes, and jobs. But first, the hotel has to weather construction delays.
The delay in opening is primarily attributable to the project expanding in size and doubling in cost. We expanded from 250 to 300 rooms, increased the size of each room 20%, added a restaurant, and doubled the conference building’s size.
As a result, we decided to pursue EB-5 financing, which is used by hotels such as Hilton and Marriott. We expect recapitalization to be complete by year-end.
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