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2/07/14
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Marking its first investment in the hotel industry, San Diego-based Pathfinder Partners LLC has partnered with Vesta Hospitality to acquire the 129-room hotel, an extended stay property at 45-200 Washington Street in La Quinta. Co-investor Washington-based 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 mil property improvement program to renovate all the rooms, as well as bring the property up to the latest Homewood Suites franchise standards. The hotel has a resort-style pool, dining facilities and a gym.
Built in 2007, the three-story, all-suite property is located in the heart of La Quinta, a resort-style community within the Coachella Valley with an average of 350 days of sunshine each year and world class golf courses. The hotel is just one block from the Indian Wells Tennis Garden – the second largest tennis stadium in the world with 16,100 seats – and home to the annual BNP Paribas Open. The stadium has recently undergone a $95 mil renovation and will open its new facilities for the event later this month.
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