La Quinta Resort is a world-renowned luxury resort located in the heart of the Coachella Valley, California. It’s a favorite destination for celebrities, business leaders, and travelers from all over the world. But who exactly owns this iconic resort?
The answer to this question is not straightforward, as the resort has changed ownership several times over the years. Currently, La Quinta Resort is owned by Waldorf Astoria Hotels & Resorts, which is part of Hilton Worldwide Holdings Inc.
Waldorf Astoria acquired the resort in 2014 from Blackstone Group LP, which had purchased it in 2010 as part of its acquisition of Strategic Hotels & Resorts Inc. Prior to that, Strategic Hotels & Resorts had owned La Quinta Resort since 1997.
Before Strategic Hotels & Resorts took over ownership of La Quinta Resort, it was owned by various entities throughout its history. The resort was originally built in 1926 by Walter H. Morgan, who was a wealthy San Francisco businessman. He envisioned creating a desert retreat for himself and his friends.
Morgan eventually sold the resort to investors who formed La Quinta Hotel Corporation in 1945. Over time, many different individuals and companies have owned stakes in the corporation and therefore in the resort itself.
One notable owner of La Quinta Resort was Merv Griffin, who purchased it with his business partner Irwin Molasky in 1984. Griffin and Molasky invested heavily in renovating and expanding the property before selling it to LQ Corp., an affiliate of Bass Brothers Enterprises Inc., for $121 million in 1991.
Bass Brothers Enterprises then sold La Quinta Resort to Strategic Hotels & Resorts six years later for $130 million.
Despite changing hands many times over its nearly century-long history, La Quinta Resort has maintained its status as one of the most luxurious and sought-after destinations in California. With its stunning Spanish-style architecture, lush gardens, and world-class amenities, it’s no wonder that so many people are curious about who owns this iconic property.
In conclusion, La Quinta Resort is currently owned by Waldorf Astoria Hotels & Resorts, which is part of Hilton Worldwide Holdings Inc. However, the resort has had numerous owners over the years since it was founded in 1926 by Walter H. Morgan. Despite changing ownership many times, La Quinta Resort remains a beloved destination for travelers from all over the world.