Riviera Resort & Racquet Club; Hotel Closes for
Ambitious 18 month $50 million Renovation
PALM SPRINGS, Calif. (May 31, 2006) -- Continuing to grow its portfolio of luxury properties, Noble House Hotels & Resorts has purchased the Palm Springs Riviera Resort & Racquet Club, a legendary 24-acre property which in its heyday played host to luminaries such as Dean Martin, Sammy Davis Jr., Gerald Ford, Jayne Mansfield and Elvis Presley.
According to Noble House Chairman Pat Colee, his company, in partnership with Phoenix-based HBF Holdings LLC, purchased the property from Southwest CPT Holdings, owners of the property since 1991.
The sale was completed as of today, May 31, 2006, with Noble House Hotels & Resorts and HBF Holdings assuming ownership immediately. “Noble House Hotels & Resorts will take charge of all management operations, and spearhead an ambitious renovation project,” Colee said. “Construction begins on June 1 and the property will be closed for an estimated 18 months, with a goal of restoring this iconic property to its original status as a place to ‘see and be seen,’” he said. “Ultimately, our focus will be to refurbish and reposition the resort into a hot spot for the 21st century – a destination for today’s movers and shakers.”
Included in the estimated $50 million makeover will be extensive refurbishments to the rooms, lobby area, restaurant, landscaping and meeting facilities.
Once billed as “Palm Springs’ largest and most famous resort,” the Riviera is located at 1600 North Indian Canyon Road in the heart of old Palm Springs. The property, built in 1959, has 475 rooms, nine tennis courts, an 18-hole putting course, an expansive swimming pool, 50,000-square feet of meetings facilities and a fine dining restaurant once owned by Sonny Bono.
Over the last 47 years, the resort has welcomed dozens of Hollywood types and politicians, and has been the site of events ranging from Urban Network Magazine’s Annual Power Jam to the first diplomatic meeting between the U.S. and Mexico in 1964.
“We are pleased to add this storied hotel into the Noble House collection,” Colee said. “Its colorful history, abundant facilities and services and optimum location will add an important new dimension to our portfolio.”
Noble House Hotels & Resorts is a privately held real estate development company based in Seattle, Washington. The company owns and manages 13 boutique hotels and resorts located in six states and spanning the four coastal corners of the U.S. Founded in 1980, the Noble House collection includes such renowned properties as The Adolphus in Dallas, Texas; Little Palm Island Resort & Spa in the Florida Keys and The Edgewater in Seattle, Washington.
|Also See:||The 475 room Palm Springs Riviera Resort and Racquet Club Set to Change Ownership in January 2006; Future Uncertain for 338 Hotel Employees / November 2005|
|Franklin Croft Hospitality Acquires the Hampton Inn Del Mar for $11.6 million, $90,000 per room / October 2003|