US-based Geolo Capital has acquired the 250-room Custom Hotel in Los Angeles, US, from an affiliate of Marathon Asset Management for an undisclosed sum.

Jones Lang LaSalle Hotels brokered the transaction and Joie de Vivre Hospitality will take over management of the 12-storey tower.

The property was relaunched as the Custom Hotel in 2007 following a $20m renovation by the Los Angeles-based Palisades Development Group.

Geolo Capital founder Chip Conley unveiled plans to acquire up to $500m of hospitality assets over the next five years.

The founder intends to increase the number of Joie de Vivre-managed properties to over 50 from 34 through new third-party management agreements, joint ventures and acquisitions.

Joie de Vivre Hospitality manages a portfolio of creative lifestyle businesses, including hotels, restaurants and spas.