Marking its first investment in the hotel industry, San Dieg-based Pathfinder Partners has partnered with Vesta Hospitality to acquire the 129-room Homewood Suites By Hilton in La Quinta, Calif. The purchase price was not disclosed.
Vesta Hospitality has been managing the property since 2010.
According to Lorne Polger, senior managing director of Pathfinder Partners, plans are currently underway to implement a $1.8-million product improvement program to renovate all the rooms.
Built in 2007, the three-story, all-suite property is located just one block from the Indian Wells Tennis Garden.
Polger noted that property is appealing due to its ideal location, as well as its seasoned management team. “We are thrilled to be partnering with Vesta, an experienced hotel operator with a deep understanding of the hotel and the industry overall,” Polger said. “Extended-stay hotels in the desert derive the vast majority of their clientele from Southern California, where the economy has gained momentum over the past several years. We believe the timing is outstanding for steadily improving results over the next several years.”