FirstBank financed $23.5 million, helping fund construction of the hotel, which will feature three-stories and 150 guest rooms. The bank worked with West River, Inc. and Worlow & Associates, Inc.— both investors and co-developers of Hotel Paseo—to finance the project.
The hotel, which is currently being built by Watkins Landmark Construction, is estimated to bring 200 permanent jobs to Palm Desert. The new building will occupy an empty lot that was home to the annual Fashion Week El Paseo event.
This hotel represents major progress for Palm Desert. We believe it’ll dramatically enhance the city’s shopping district and create a more vibrant downtown.