Ritz-Carlton opens in Rancho Mirage after Lehman limbo

After seven years of planning and construction, Marriott opened its Ritz-Carlton in Rancho Mirage, California, this week.

With Lehman Brothers initially supporting this massive hotel project in the beginning stages, the collapse of the investment bank lead to major delays in building the Ritz Carlton's fourth hotel in California.

Source: Ritz-Carlton

This 25,000-square-foot luxury hotel boasts 16,000 square feet of indoor meeting space, 15 spa treatment rooms, a fitness center, eucalyptus-infused steam and sauna facilities, an outdoor meditation mesa, and an outdoor co-ed whirlpool with waterfall and views of Coachella Valley.

Herve Humler, president and chief operating officer of The Ritz-Carlton, said the new property will boost the local economy by creating over 400 jobs. Humler told CNBC he plans to open more than 100 hotels by 2016 with more than 30 hotel and residential projects currently under development around the globe.

A fire pit at the Ritz-Carlton Hotel in Rancho Mirage, Calif.
Source: Ritz-Carlton
A fire pit at the Ritz-Carlton Hotel in Rancho Mirage, Calif.

Read MoreBusiness, luxury travelers turning to Airbnb, others

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