PALM SPRINGS, CA— Southern California-based lender VIBC Services Co. is offering the leasehold interest in the Palm Springs Marquis Resort & Conference Center here, subject to an existing ground lease. Marcus & Millichap Real Estate Investment Brokerage Co. has been awarded the exclusive listing to market the asset, which was acquired by VIBC Services at a foreclosure sale in December 2002. Asking price for the hotel— currently closed for business— is $12.5 million, amounting to a cost of $75,301 per unit. Located at 150 S. Indian Canyon Dr., the hotel sits on 3.5 acres of downtown Palm Springs real estate near the convention center and the $90-million Spa Resort Casino expansion (opening this fall). The full-service hotel was constructed in 1988 and includes 166 guestrooms and 35,000 square feet of meeting and conference space. The property also features a restaurant and bar, heated pool and underground parking.
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