Installation error: 1622 - Error opening installation log file. Verify that the specified log file location exist and that you can write to it. (4289146)

Installing Toad for SQL Server. Getting the SQL Optimizer installation error below:

The installation of component SQL Optimizer for SQL Server has failed with the following error:

1622 - Error opening installation log file. Verify that the specified log file location exist and that you can write to it.

For further information please view the log files located at:
\Quest Software\Quest Installer\Logs\QuestSQLOptimizerForSQLServer_10_0_0_2068_32bit.msi.log