$1.8 Million Property Improvement Program Announced
Marking its first investment in the hotel industry, Pathfinder Partners, LLC — 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 at 45-200 Washington Street in La Quinta, California.
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 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 million renovation and will open its new facilities for the event later this month.
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.”
About Pathfinder Partners, LLC
Headquartered in San Diego, Pathfinder Partners was founded by Lorne 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. In addition to seeking opportunities to add value by providing liquidity to selling financial institutions, Pathfinder also seeks to maximize value through property enhancements, improvements in operations, marketing and property positioning and other strategies. For more information, visit www.pathfinderfunds.com or contact Lorne Polger at firstname.lastname@example.org or 858-875-4450.