The Parker Corp. acquired the 14-acre resort near Downtown Palm Springs from LAX GL, an investment group controlled by Tarsadia Hotels of Costa Mesa. The transaction was a direct deal between buyer and seller so terms weren't available. Real estate industry sources say the transaction is hard to estimate because it could have sold for anywhere between $10 million and $16 million. The sale closed within 40 days of the buyer's first look at the property, according to Glyn Aeppel, an EVP for London-based Le Meridien Hotels & Resorts.

Steven Pipes, a vice president for Parker, says the company acquired the property via a new $200-million hospitality fund and expects to acquire other resorts in the near future.The new Le Meridien is a 107-room resort that will be the second owned and operated under the flag by Parker, which also owns and operates the Le Parker Meridien New York.

The renovations planned by the new owners are scheduled to begin in October and take about a year to complete. The refurbishing will include all rooms and villas as well as improvements to the 22,000-sf spa, restaurant, public spaces and the addition of a new pool. The resort will remain open during the remodeling.

The former Givenchy site includes gardens, walking and hiking trails, and six tennis courts on-site. The resort also features 10,500 sf of indoor meeting space and 30,000 sf of outdoor event space.

The family-owned Jack Parker Corp. was founded in 1955 and owns commercial land and improved property holdings exceeding eight million sf. In addition to the New York City hotel, Parker also owns the recently completed Biltmore Apartment in the city; Parker Plaza in Ft. Lee, NJ; Parker Corporate Center in Westchester County, NY; and Parker Raleigh Commercial Buildings, Raleigh, NC.

The newly flagged resort was owned at one time by Scottsdale, AZ-based Epix Hotels & Resorts and before that by entertainer Griffin. It was known for a time as a favorite of Hollywood stars and entertainers, including the late cowboy singing star Gene Autry.