Peachtree Hotel Group Adds Six Hotels to Portfolio during 1Q13
Company On-Track to Add 15 Hotels in 2013
ATLANTA -- 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
“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
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
Peachtree 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 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, fitness
center and indoor pool.
4.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, 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
The 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 Alabama
Peachtree acquired the first mortgage note.
Peachtree 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.
Peachtree Hotel Group
Lauralee Dobbins, media, 703-435-6293
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