Two buyers have agreed to purchase the popular Palm Springs restaurant Billy Reed’s and the property is in escrow as the owners wait for a the liquor license to be transferred.
Current co-owner David Scott told The Desert Sun the sale should be final within 30 to 45 days. He said the new owners plan to keep the classic eatery just the way it is.
“People won’t even know there’s a new owner,” he said. “It’s going to be exactly the same.”
Josh Jennings and Michael Levy, two business partners with long experience in the hospitality industry, are the two buyers, according to Scott. They both have been longtime fans of Billy Reed’s and hope to preserve its unique atmosphere, Scott added.
“These guys have been eating here all their lives with their families,” he said. “They’ve had their dinners and their birthday parties. They know this is a place that has a lot of memories. They’re buying to preserve that.”
Since the news broke in December that owners Scott and Billy Reed planned to sell the business and retire, many locals have worried new owners would significantly alter the restaurant. Billy Reed’s is more than 50 years old and has proudly carried its retro look into the 21st Century.
Its fans say eating at Billy Reed’s is like going over to grandma’s house for a slice of pie. The koi pond at the entrance provides a welcome flash of character.
The asking price of around $7.5 million proved to some how vital the restaurant had become to Palm Springs. The owners wanted to keep its legacy going into its next chapter.
“It’s important for Billy to be comfortable turning this over to somebody,” Scott said. “We both feel these are the right guys.”
The property has been in escrow for months as the two parties have worked through the sale. One of the final pieces is the transfer of the liquor licenses, which must be approved by the the California Department of Alcoholic Beverage Control.
Scott said he anticipated no difficulties in the transfer approval, meaning ownership could be transferred within 45 days.
He said the restaurant should remain open through the transition. Scott plans to stay on to help the new owners have get up to speed with the business’ operations.
Sam Morgen covers local government for The Desert Sun. Reach him at smorgen@gannett.com.
This article originally appeared on Palm Springs Desert Sun: Billy Reed’s in escrow; what’s in store for popular Palm Springs eatery
Reporting by Sam Morgen, Palm Springs Desert Sun / Palm Springs Desert Sun
USA TODAY Network via Reuters Connect
By Sam Morgen, Palm Springs Desert Sun | USA TODAY Network
