Geolo Capital, the private equity arm of San Francisco billionaire John A. Pritzker, has acquired a 250-room boutique hotel near LAX from a New York hedge fund.

The 12-story hotel, which originally opened in 1975, was re-launched as Custom Hotel in 2007 following a $20 million-plus renovation by Palisades Development Group, a Los Angeles developer headed by Avi Brosch.

Palisades, after running into financial trouble during the credit crunch, lost the property in foreclosure to hedge fund Marathon Asset Management LLC. Financial terms of the deal between Marathon and Geolo were not disclosed.

San Francisco’s Joie de Vivre Hospitality, the nation’s second largest independent boutique hotel company, will take over management of Custom. Earlier this year, Geolo acquired a controlling interest in Joie de Vivre.

The Custom deal is the first transaction for a new $150 million fund raised for Joie’s national expansion, Geolo said. In Los Angeles County, Joie also manages Hotel Angeleno and Hotel Erwin, both on the Westside, and Hotel Maya in Long Beach.

The transaction was brokered by Jones Lang LaSalle Hotels.