Citi provides $210 million floating-rate CMBS refinancing for Trinity's Grand Hyatt Indian Wells

Citi provided $210 million of refinancing for Trinity Investments' 531-key Grand Hyatt Indian Wells Resort & Villas, Commercial Observer reported on Oct. 16.

JLL Capital Markets arranged the five-year, floating-rate, single-asset single-borrower CMBS loan. JLL's Mike Huth and Jade Lewin arranged the financing with Kevin Davis, Americas CEO of the brokerage's hotels and hospitality group, according to the report.

The loan follows a $62 million renovation and the property's conversion to the Grand Hyatt brand in 2024. The 45-acre resort at 44600 Indian Wells Lane sits about 20 miles southeast of Palm Springs and holds 449 guestrooms, 39 suites and 43 villas.

Across 531 keys, $210 million works out to roughly $395,000 per key, and the renovation spend equals about 30% of the new debt. The property also has more than 88,000 square feet of indoor and outdoor meeting space, nine swimming pools, a water park, a 30,000-square-foot spa, six restaurants and bars, and tennis and pickleball courts.

Davis said in a statement that recently renovated resorts are attracting more lenders. "The hospitality financing market has shown meaningful momentum this year, with lenders focusing capital on repositioned assets with institutional sponsorship in markets where supply constraints support sustained performance," he said.

The execution mirrors a JLL-placed floating-rate hotel loan Commercial Observer covered in August on a Savannah Hyatt.