News for the Hospitality Executive |
ATLANTA, Ga., April 2,
2013 — Peachtree Hotel Group, one of the nation’s fastest
growing hotel
acquisition, management, development and ownership groups, today
announced that
it acquired/invested in six hotels in the southeastern United States
during the
2013 first quarter. At this pace, the company is well ahead of
its
previously announced goal of adding 15 hotels to its portfolio during
the coming
year.
“Our approach to hotel investment begins with being flexible,” said Greg Friedman, Peachtree CEO. “Our growth strategy encompasses 100 percent acquisitions, participating as a majority or minority owner, acquiring first mortgage hotel loans and third-party management. Jatin Desai, chief investment officer, noted that the company’s diversified acquisition strategy of both real estate and note acquisitions allows it to surface transactions very early in the process which yields more opportunities. “During the first quarter, we looked at more than 100 transactions, including individual assets and portfolios, but selected only six where we thought we could add value at appropriate risk-adjusted returns,” said Desai. “While all but one of these transactions were equity-related, acquiring hotel loans remains a high priority for us. We want to work with owners and operators who can benefit from restructuring of existing loans, cash infusions or providing other creative financing alternatives.” “Each of these assets is a great fit and complements our growing portfolio of 25 select service and extended stay hotels. The properties’ geographic locations and dynamics match up well with our strategy of owning and managing hotels in primary and secondary markets,” said Mitul Patel, chief operating officer. In preparation for this growth spurt, the company added significant bench strength to both its acquisition/financing capabilities and hotel management. “We have the depth to comfortably add 15 hotels this year and may increase our goal if market conditions warrant such.” Patel said.
The six hotels include: 1. The
85-room and suite Hampton Inn Okeechobee in Florida
Peachtree made a majority
investment in the waterfront
hotel situated on picturesque Lake Okeechobee. The hotel offers
meeting
space to accommodate up to 35 people, state-of-the-art business center,
fitness
room and 24-hour Suite Shop convenience store.
2. The
96-suite Homewood Suites by Hilton Durham-Chapel Hill/I-40 in North
CarolinaPeachtree acquired the
extended-stay property located
just off I-40, with easy access to area highways and minutes from
Raleigh-Durham International Airport (RDU). Duke University Medical
Center,
Duke University, UNC-Chapel Hill, prominent corporations, museums and
other
area attractions are within walking distance of the hotel in Durham.
The hotel
provides a complimentary breakfast bar, convenience store and outdoor
pool.
3. The
98-room Four Points by Sheraton Durham at Southpoint in North CarolinaLocated 11 miles from
Raleigh-Durham International Airport, the hotel, acquired
by Peachtree, is nearby the Research Triangle Park, a hub of
prestigious
universities and leading tech and pharmaceutical companies and medical
centers. The hotel has 1,800 square feet of banquet space,
fitness center
and indoor pool.
4. The
96-suite Residence Inn Little Rock hotel in ArkansasPeachtree made a sliver
investment and now manages the
extended-stay hotel. Located off Interstates 430 & 630, this Little
Rock
extended stay hotel is situated next to the Arkansas Heart Hospital and
nearby
to area attractions, such as UAMS, Verizon Arena, the Little Rock
Downtown
Historic District, The Clinton Library and Little Rock Zoo.
5. The
120-room Courtyard by Marriott Jacksonville I-295/East Beltway in
FloridaThe green lodging certified
hotel, now owned by Peachtree, offers a fitness
center and outdoor heated pool and spa. The hotel is convenient
to the
JaxPort Cruise Terminal and offers overnight parking for cruise-goers
and is
near the Mayo Clinic, St. Luke’s Hospital, University of North Florida
and
Jacksonville University.
6. The
66-room Comfort Inn in AlabamaPeachtree acquired the first
mortgage note.
About Peachtree Hotel
GroupPeachtree Hotel Group invests, operates and develops premium-branded, select- and limited-service and extended-stay hotel assets under the Marriott, Starwood, Hilton, Hyatt, Choice and InterContinental Hotels Group flags. Since its inception, Peachtree has acquired or developed more than $250 million of hotel properties and first mortgage notes. Peachtree currently owns, operates and invests in 3,642 hotel guest rooms in 40 assets throughout the United States, comprised of a real estate portfolio of 25 assets and a note portfolio of 15 assets. For more information, please visit www.peachtreehotelgroup.com. |
Contact: Lauralee Dobbins, media (703) 435-6293 [email protected] |