The property known to many locals as The Lodge in Rancho Mirage or the Ritz Carlton has been sold to a Miami-based group, opening the door for construction to resume and jobs to be added.
Rancho California Investments, LLC, an affiliate of Gencom Group and Magna RE, acquired the resort at a foreclosure auction on July 8. Gencom bills itself as one of the largest “owners/developers of luxury-branded hotel properties in the U.S.”
With just 30-percent of the project to be completed, renovations on the resort came to a stop when its lender Lehman Brothers filed bankruptcy. The new owners say they hope to make an announcement regarding the re-start of renovations within the next several months.
“This acquisition provides a unique opportunity for us to continue our growth in the luxury sector of the hospitality market,” said Guillermo Coldesina, Partner of Magna RE.
He said The Ritz-Carlton, Rancho Mirage will be the only five star resort in the Coachella Valley, boasting 244 luxury guest rooms.
According to a news release from the Gencom group, “when the Ritz-Carlton, Rancho Mirage resort opens, more than 400 permanent jobs are expected to be created, in addition to 500 construction jobs during the course of the project.”
The resort was seen on national television when Ryan and Trista from “The Bachelorette” were married.