Venta, Pathfinder JV Buys Homewood Suites Hotel in La Quinta

The city’s increasing hospitality profile has come into play once again this week when a partnership between Vesta Hospitality and Pathfinder Partners LLC acquired a La Quinta hotel. Vesta Hospitality is a Washington-based privately owned hotel management and development company, and its partner in the acquisition, Pathfinder, is a local real estate investment company that specializes in value-add opportunities. The entity previously handled management duties for the Homewood Suites facility that was the subject of the transaction. The financial terms of the transaction were not disclosed.

A joint venture of Vesta Hospitality and Pathfinder Partners L.L.C. has acquired a 129-key Homewood Suites hotel in La Quinta. Washington, D.C.-based Vesta, a hotel management and development company, and Pathfinder, a local real estate investment firm specializing in value-add opportunities, had previously handled management duties. Terms were not disclosed.

A $1.8 million renovation is planned for the newly acquired asset, which was built in 2007. Guest amenities include a business center, meeting rooms, a swimming pool, fitness facilities and dining facilities. Noted local institutions include the Berger Foundation,  JFK Memorial Hospital and the Betty Ford Center.

Metropolitan San Diego is drawing increasing attention from hotel developer. The SDTA Hotel Database projects that by the end of the year, 10 new hotels will have been completed since the summer of 2013. That translates to more than 800 new guest rooms added last year and nearly 1,000 more keys in 2014.

Image courtesy of homewoodsuites3.hilton.com