PE.com - Tourism Blog

Hard Rock Palm Springs looking for die hard real estate investors

Want to own a piece of the proposed condo-hotel of the Hard Rock Hotel in Palm Springs?

Sure the ground has hardly been broken, the city still owns one of the parcels the developers need and now there's a lawsuit pending that claims the city gave too many concessions when it approved the plan. Oh, and the city has passed a a tax-sharing ordinance that if the Hard Rock developers participate in it, the property won't be a condo-hotel at all anymore, just a regular ol' fashioned hotel. What a concept.

Nonetheless the developers still have a Web site where you can sign up for more info about how you can buy a Hard Rock condo starting at $400,000 by calling a toll free number or filling out your contact info online (including letting them know what your first rock concert was -- because that's important to reveal when buying real estate)

While condo-hotels seemed to be as popular as a Wii before Christmas for awhile, the trend of building a hotel on the backs of everyday real estate investors who own individual rooms for hundreds of thousands of dollars (they're usually allowed to use the rooms for no more than two weeks a year, after that it gets rented by everyday tourists), seems to have waned. At least one hotel insider thinks the trend has already died.

More about that next Wednesday. Same bat time, same blog address.