Shopoff Realty Investments, a manager of opportunistic and value-add real estate investments, has sold a 2.8-acre parcel of land in La Quinta, California for approximately $1.3 million. The property was entitled by Shopoff for a hotel project.
In 2016, Shopoff originally purchased a 22-acre vacant lot in La Quinta, and entitled 2.8 acres for a commercial/hotel development and the remaining acreage for a 131-unit build-to-rent project. The build-to-rent portion was sold separately to a developer in 2021.
“This property is extremely well positioned for hotel development, located right off highway 111 in the City of La Quinta,” said William Shopoff, president and chief executive officer. “One of the most affluent and desirable communities in the Coachella Valley, the La Quinta market benefits from several area tourism drivers such as world class golf courses and the Empire Polo Club, home to the Coachella and Stagecoach music festivals.”
Shopoff said that the buyer plans to develop a select-service or extended-stay hotel with a “nationally recognized hotel brand.”
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 30-year history of value-add and opportunistic investing across the United States. The company primarily focuses on generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The 30-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group).