PRG is regarded as one of the top investors and operators of boutique hotels in California.
It is the only hospitality company in the United States to receive a Conde Nast “Hot List” award, reserved for the top new hotels in the world, for five consecutive years for hotels in California.
PRG’s first hotel was the Colony Palms Hotel in Palm Springs. From acquisition, followed by the historic renovation of the 1936 era property with a rich history, we reopened the 57 room luxury boutique hotel in 2008. The Colony Palms Hotel quickly became the preferred desert destination for top Hollywood celebrities and professionals from the entertainment industry. We sold the hotel in 2012 which represented the highest price per key in Palm Springs history at the time of sale.
Since 2014, PRG has selectively acquired, renovated and reimagined 8 boutique hotels in California. Nearly every hotel has historic significance or is located in an inspiring location within California.
INDUSTRIAL & BUSINESS PARKS
The industrial sector is a focus area of PRG based on the firm’s deep experience in this sector dating back to 1998.
The firm’s principals have extensive experience in the investment, development, leasing and management of industrial properties and a strong track record of success in Southern California.
PRG primarily focuses on “value-add” opportunities with the following characteristics:
- Vacant properties requiring lease-up
- Repositioning opportunities to higher functioning facilities by curing deficiencies such as poor loading, low image or other inadequacies.
- Projects requiring capital infusion to execute the business plan for the property
- Ground-up development
Creative assets are a focus area of PRG based on its strong track record with identifying under-appreciated assets in blossoming areas with strong upside potential.
Its current portfolio includes assets in the Arts District of Downtown Los Angeles and the Mar Vista community of West Los Angeles. PRG invested in both areas prior to the positive transformations of the neighborhoods.