LOS ANGELES-The private equity arm of John A. Pritzker, Geolo Capital has acquired a 12-story hotel situated near LAX from Marathon Asset Management LLC, a New York-based hedge fund.
The 250-room boutique hotel, which was re-launched in 2007 as Custom Hotel, was originally launched in 1975 by Palisades Development Group. Palisades lost the hotel to the hedge fund in a foreclosure. San Francisco-based Joie de Vivre Hospitality will handle the management of Custom. Jones Lang LaSalle Hotels negotiated the deal. For the full story, go to Los Angeles Business Journal.
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