Peachtree Hotel Group Completes Seven Hotel Transactions during Summer 2014
Company Remains on Pace to Surpass Record 2013 Growth Through Acquisitions and Developments
Officials of Peachtree Hotel Group, one of the nation's fastest growing hotel investment and management platforms, announced that it completed seven hotel transactions during the summer of 2014. The seven assets are a combination of mortgage notes, real estate acquisitions, majority interest investments, and bridge loans.
"The hospitality industry continues its upward trajectory in terms of both rate and occupancy, and we continue to be an active player as investment opportunities come to market," said Jatin Desai, Peachtree CIO. "We have put the teams in place to maintain rapid, but measured growth, and we expect to maintain our current pace of activity in the select- and limited-service hotel arenas for the foreseeable future."
From May 30th through August 22nd, Peachtree transacted on the following:
- First mortgage note purchase on La Quinta in Georgia.
- First mortgage note purchase on a boutique hotel in S.C.
- Real estate purchase of Crowne Plaza in North Charleston, S.C.
- Real estate purchase of Hilton Garden Inn in Overland Park, Kansas
- Real estate purchase on Hampton Inn and Suites in Orlando/UCF in Florida
- Majority interest purchase of the Magnuson in Cool Springs, Tenn., which will be converted to a Holiday Inn
- First mortgage bridge loan on the TownePlace Suites in Clear Lake, Texas
"Not only have we enjoyed unprecedented growth this year, but we have achieved operational high water marks, as well," said Mitul Patel, Peachtree COO. "We continue to experience robust growth in room revenues and profitability across our portfolio of hotels due to the surging economy coupled with the implementation of our revenue management strategies and operating disciplines."
About Peachtree Hospitality Management
Peachtree Hospitality Management, a division of Peachtree Hotel Group, is a hotel management company that creates loyalty across all stakeholders: team members, guests and owners. PHM's proprietary systems and processes maximize financial performance and value of every asset, deliver efficiencies and enable hotel teams to provide guests with unique and memorable experiences. PHM manages 59 hotels across 20 brands, with 7,023 rooms located in 17 states. In 2020, PHM ranked number 40 on Hotel Business' top hotel management company list - up 15 spots since 2019.
About Peachtree Hotel Group
Peachtree Hotel Group operates, develops and invests in premium-branded, full-, select- and limited-service and extended-stay hotel assets under the Marriott, Hilton, Hyatt, Choice and InterContinental Hotels Group flags. Since its inception, Peachtree has invested in more than $4.2 billion of hotel properties and first mortgage notes. Peachtree's current portfolio is comprised 160 hotels or hotel backed assets totaling 20,366 rooms, 63 hotels and 97 notes. For more information, please visit www.peachtreehotelgroup.com.