Lowe Enterprises Buys Miramonte Resort

Lowe Enterprises Investment Management has purchased the Miramonte Resort & Spa in Indian Wells for $28.7 million from Marcus Hotels & Resorts.

The 215-room hotel opened in 1963 as Erawan Gardens and closed in the late 1990s for a $28-million renovation before reopening as Miramonte Resort in 1998. A $3.5-million spa was completed in May.

Los Angeles-based Lowe, an investment manager and developer, said it would invest $5 million in renovations to the guest rooms, meeting space and public areas.

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-- Roger Vincent