Mykonos Desert Suites 2300 N Palm Canyon Dr 20 Room Hotel Palm Springs, CA 92262 $3,750,000 ($187,500/Room) 9.51% Cap Rate

Maxim Hotel Brokerage, Inc. is pleased to present an exclusive listing on Mykonos Desert Suites Hotel. Well located within a cluster of boutique hotels in the northern portion of Palm Springs, the hotel located at 2300 N Palm Canyon is among the first hotels encountered along Highway 111 by travelers from Los Angeles and Orange County. The location at the north end of the Uptown Design District is proximate to numerous spectacular restaurants and retail stores. Palm Springs is within two hours drive of Southern California’s 22-million-person population base. The hotel, along with its neighboring sister hotel next door, have been minimally operated since converting from timeshare to hotel and clearing any timeshare related clouds from title. A new entrepreneurial owner can operate and position the hotel among Palm Springs’ extraordinary boutique hotel market.
OVERVIEW
Mykonos Desert Suites is a limited-service boutique hotel, poised to compete within the boutique segment in the Palm Springs market. Please consider the following highlights:
- Well Maintained Property - The hotel has operated at a minimal level under stewardship of a family trust for the past several years since the passing of the family patriarch in 2020. Despite its limited current operation, ownership has maintained the physical plant and mechanical systems.
- Fee Simple Site - Unlike many other hotels in the Palm Springs market, Mykonos Desert Suites offers fee simple ownership. Many of the other hotels in Palm Springs are subject to land leases that are overseen by Bureau of Indian Affairs.
- Large Units - Formerly timeshare units sold in the 1980s and 1990s, units are large and feature living areas, kitchenettes and bedrooms. Average size is 397 square feet.
- Reasonable Basis; Upside Value Potential - Many Palm Springs boutique hotels have sold in the $300k per room range to more than $1 million per room. This hotel is being offered with attractive basis.