Peachtree Hospitality Management (PHM) has inked an agreement with full-service hospitality development company TEKMAK Development Co. to provide third-party management services to some properties in TEKMAK’s portfolio.
PHM will take charge of operations of the SpringHill Suites Dallas Rockwall on August 1st and will manage two hotels currently under construction — a dual-branded TownePlace Suites by Marriott and Fairfield by Marriott in Paris, Texas, and a TownePlace Suites by Marriott in Forney, Texas.
PHM, a division of Peachtree Group, operates premium-branded, limited, select and compact full-service hotels in the midscale and upscale sectors. Presently, the company manages 92 properties under 28 brands totaling 11,186 rooms in 22 states. The agreement with TEKMAK will raise PHM’s third-party operations to 34 hotels.
“Our third-party operated portfolio continues to expand, currently accounting for nearly a third of our entire managed portfolio, and we expect to continue growing our third-party portfolio moving forward, ultimately surpassing our owned hotels,” said Patrick Short, president, PHM.
This is the second long-term management agreement that PHM has signed this year, Short said.
Peachtree acquired TEKMAK’s Hilton Garden Inn in 2021.
Since the company was founded in 2008, the Peachtree Group has completed hundreds of real estate investments valued at more than $8.2 billion in total market capitalization and over $2.5 billion in equity under management.
“It quickly became clear that their culture and resources meshed well with our own, making this relationship a perfect fit for both. We continue to be impressed by their enthusiasm for TEKMAK, and we look forward to future opportunities together.”