Rendering with Stuart Rubin & Gary Stiffelman (Credit: RealSpace)
A pair of Los Angeles investors are hoping to seize on the growing popularity of the Coachella Valley Music and Arts Festival with a sprawling hotel complex featuring Las Vegas-style amenities.
Stuart Rubin, chief executive of real estate investment firm RP Realty Partners, and entertainment lawyer Gary Stiffelman are planning a 35-acre hotel project near the site of the festival, the Los Angeles Times reported.
Hotel Indigo, the trendy brand of InterContinentals Hotel Group, will operate the 250 guest rooms. Completion of the $45 million project is slated for the fall.
The development would feature units with anywhere from two to six bedrooms each, along with restaurants, a spa, and a gym with a yoga studio. At the center of the complex, there will be a 10,000-square-foot saltwater pool complete with a DJ stage, catwalk and cocktail lounge.
In a similar fashion to the festival, the resort will feature its an 11-acre grassy “playground” that will host music events, wellness retreats and private parties.
The hotel will provide a new upscale housing option for the more than 100,000 people that the festival draws during each of its two weekends in April, potentially helping to ease prices.
Many of the festival attendees and tourists visiting the desert city choose to stay in lavish Airbnbs and rental properties that command top-dollar rates during the peak season.
Homeowners of large estates have been profiting from the festival’s increased popularity, pocketing as much as $100,000 for a single weekend, The Real Deal previously reported. [LAT] — Natalie Hoberman
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