Trinity Investments Secures $210M CMBS Refinancing for Grand Hyatt Indian Wells Resort via JLL and Citi
LOS ANGELES — JLL Capital Markets' Hospitality Finance Group has arranged a $210 million refinancing for the Grand Hyatt Indian Wells Resort & Villas, a 531-key luxury resort in Indian Wells, California, on behalf of Trinity Investments, the firm announced Oct. 14. The five-year, floating-rate single-asset, single-borrower (SASB) CMBS loan was provided through Citi.
The resort sits on a 45-acre campus at 44600 Indian Wells Lane in the Coachella Valley. The property was formerly operated as the Hyatt Regency Indian Wells Resort & Spa and recently completed a $62 million renovation and conversion to the Grand Hyatt flag in 2024.
JLL Team Leads the Hotel Financing
JLL said the Hotels & Hospitality Group team was led by Managing Director Mike Huth and Analyst Jade Lewin, with strategic oversight from Kevin Davis, CEO Americas Hotels & Hospitality Group.
"The hospitality financing market has shown meaningful momentum this year, with lenders focusing capital on repositioned assets with institutional sponsorship in markets where supply constraints support sustained performance," Davis said. "Full-service and resort properties that have undergone significant capital investment in irreplaceable locations continue to attract strong interest from debt providers."
Huth said, "The combination of a recently transformed flagship resort, institutional sponsorship and one of the country's most established leisure destinations made this a compelling financing opportunity. Grand Hyatt Indian Wells benefits from diversified demand drivers throughout the year and an array of amenities and meeting infrastructure that is difficult to replicate in today's development environment."
Grand Hyatt Indian Wells Property Details
The AAA Four Diamond resort comprises 531 accommodations, including 449 guestrooms, 39 suites and 43 villas. The loan equates to roughly $395,000 per key based on the $210 million amount and the 531-key count.
The property has more than 88,000 square feet of indoor and outdoor meeting and event space. JLL described it as one of the region's premier destinations for corporate meetings, conventions, weddings and social events.
Amenities include:
- Nine pools and a destination water park with waterslides and a lazy river
- The 30,000-square-foot Agua Serena Spa & Wellness center
- Six food-and-beverage venues
- Tennis and pickleball courts and a fitness center
- Preferred access to the adjacent Indian Wells Golf Resort
The villa collection offers private outdoor living areas and dedicated guest services. JLL said the capital program modernized all guest-facing areas and expanded recreational programming and service platforms.
Coachella Valley Location and Market Backdrop
The resort is near the Indian Wells Tennis Garden, Empire Polo Club, El Paseo shopping district and PGA West, and about 30 minutes from Palm Springs International Airport. It has access to drive-to markets including Los Angeles, San Diego and Phoenix. The surrounding market draws on luxury leisure travel, corporate retreats, championship golf, professional tennis, major music festivals, entertainment venues and affluent seasonal residents.
Regional hotel data for 2026 shows positive operating momentum. Greater Palm Springs hotel occupancy was 67.5% year to date through June, with average daily rate of $268, up 4.9% year over year, and RevPAR up 5.8%. In June, RevPAR rose 11.4% year over year, with occupancy up 8.6%. The Indian Wells/La Quinta submarket posted a 24.3% RevPAR increase in June, while Palm Desert rose 24.0%. Valley room supply declined 2% during the period.
Hotel CMBS Maturities and SASB Market Context
The refinancing comes amid a sizable hotel-debt maturity cycle. About $18.7 billion of hotel CMBS debt is scheduled to mature during 2026 and 2027, with nearly 70% carrying floating-rate exposure. Most SASB issuance in 2026 has consisted of floating-rate debt, and refinancing has been a major source of volume. High-quality SASB collateral and branded hotels have been preferred areas for CMBS investors, even as higher Treasury yields and stricter underwriting constrain broader issuance.
Floating-rate debt can provide more flexible proceeds and execution than a conventional bank loan, but it leaves borrowers exposed to future benchmark-rate movements. Hotel financing guidance in early 2026 placed conventional bank rates at roughly 6.25% to 7.25%, while branded-hotel CMBS spreads were generally cited at about 150 basis points over Treasuries, subject to leverage and property-specific underwriting. Those ranges are market references and are not the pricing on the Citi loan.
About Trinity Investments
Trinity is a global hospitality investment platform with a 30-year track record of acquiring, repositioning and operating lodging assets. Headquartered in Miami, with offices in Los Angeles, London and Honolulu, the firm has deployed more than $10 billion across the United States, Mexico, Europe and Japan.
The Grand Hyatt Indian Wells refinancing gives Trinity a new five-year, floating-rate capital structure for a resort it repositioned through the $62 million renovation and 2024 flag conversion.