Marking its first investment in the hotel industry, Pathfinder Partners, LLC, a San Diego-based firm specializing in opportunistic investments in real estate assets and defaulted loans, has partnered with Vesta Hospitality to acquire the 129-room Homewood Suites By Hilton hotel, an extended stay property in La Quinta, Calif.
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 million 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 pool, dining facilities and gym.
Built in 2007, the three-story, all suite property is located in the heart of La Quinta, the popular resort community in the Coachella Valley. The hotel is 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 million renovation and will open its new facilities for the event later this month.
Pathfinder Partners was founded by Polger and Mitch Siegler in 2006 to make opportunistic investments in distressed and value-add real estate assets and defaulted loans, with a focus on properties in major markets in the western U.S.