Peachtree Hotel Group, one of the most nation’s fastest growing hotel acquisition, management, development and ownership groups, today announced that it acquired/invested in six hotels within the southeastern U.s.a. in the course of the 2013 first quarter. At this pace, the corporate is definitely in advance of its previously announced goal of adding 15 hotels to its portfolio in the course of the coming year.
“Our way to hotel investment begins with being flexible,” said Greg Friedman, Peachtree CEO. “Our growth strategy encompasses one hundred pc 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 technique of both real estate and note acquisitions allows it to surface transactions very early within the process which yields more opportunities.
“During the primary quarter, we checked out greater than 100 transactions, including individual assets and portfolios, but selected only six where we thought shall we add value at appropriate risk-adjusted returns,” said Desai. “While all but this type of transactions were equity-related, acquiring hotel loans remains a high priority for us. We wish to work with owners and operators who can have the benefit of restructuring of existing loans, cash infusions or providing other creative financing alternatives.”
“Each of those assets is a good 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 technique of owning and managing hotels in primary and secondary markets,” said Mitul Patel, chief operating officer.
In preparation for this growth spurt, the corporate 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 will increase our goal if market conditions warrant such.” Patel said.
The six hotels include:
—The 85-room and suite Hampton Inn Okeechobee in Florida Peachtree made a majority investment inside the waterfront hotel situated on picturesque Lake Okeechobee. The hotel offers meeting space to deal with as much as 35 people, state-of-the-art business center, fitness room and 24-hour Suite Shop convenience store.
—The 96-suite Homewood Suites by Hilton Durham-Chapel Hill/I-40 in North Carolina Peachtree acquired the extended-stay property located just off I-40, with easy accessibility 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.
—The 98-room Four Points by Sheraton Durham at Southpoint in North Carolina Located 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, health club and indoor pool.
—The 96-suite Residence Inn Little Rock hotel in Arkansas Peachtree 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, along with UAMS, Verizon Arena, the Little Rock Downtown Historic District, The Clinton Library and Little Rock Zoo.
—The 120-room Courtyard by Marriott Jacksonville I-295/East Beltway in Florida The fairway lodging certified hotel, now owned by Peachtree, offers a gym and outdoor heated pool and spa. The hotel is convenient to the JaxPort Cruise Terminal and gives overnight parking for cruise-goers and is near the Mayo Clinic, St. Luke’s Hospital, University of North Florida and Jacksonville University.
—The 66-room Comfort Inn in Alabama Peachtree acquired the primary mortgage note.
Recommended