Azure Sky Palm Springs 1661 S Calle Palo Fierro

Maxim Hotel Brokerage, Inc. is pleased to present for sale the ?Azure Sky Hotel, a 14-unit premier boutique hotel located at the south end of Palm Springs.
• Transformative Renovation Completed in 2022 - Current ownership invested heavily in a full-scale transformation of the hotel upgrading all MEP systems as well as the hardscape and landscape. A new pool, event pool deck, and hot tub were added in one of the two private courtyards, leaving the property in pristine condition.
• Tahquitz River Estates Location - Located on the north side of E. Palm Canyon, Azure Sky is nestled in a prestigious area of Palm Springs, surrounded by renowned boutique hotels such as Ace, L’Horizon, Desert Riviera, Hotel California, Sparrows, Villa Royale, and V Palm Springs, ensuring a competitive positioning within the boutique market.
• Fee Simple - Fee simple, unencumbered by management.
• Liquor License - The property operates with a Type 70 license, allowing beer, wine and liquor service to guests for on-site consumption.
• Strong Boutique Market - Palm Springs’ luxury small hotel market remains robust, with an average occupancy of 70% and average daily rate of $396 for trailing-12-months through July, 2024, according to data from CoStar and Smith Travel Research.
Revenue Growth Potential - With a current RevPAR of $218 for the trailing-12-months through July 2024, Azure Sky is operating at 76.3% of the market RevPAR levels ($218 vs $286). This indicates tremendous upside potential for a Buyer to grow revenue as the property continues to ramp up and find its position within the market.