ATLANTA Peachtree Hotel Group, which operates and invests in premium select-service and extended-stay hotels, has added two first mortgage note purchases and one hotel acquisition, growing its portfolio to 13 properties.
The total value of all three acquisitions exceeds US$20 million, though the company declined to offer more precise prices.
Peachtree has acquired and currently manages the Four Points by Sheraton in downtown San Antonio, Texas. The 116-key hotel is located in the heart of the business district and within a few steps from the Riverwalk and convention center.
Additionally, through an affiliate, Peachtree has acquired two first mortgage notes—on a SpringHill Suites by Marriott in suburban Philadelphia and on a Holiday Inn Express in Birmingham, Alabama. The Birmingham property is now managed by Peachtree.
“These are all attractive properties and investment opportunities in quality markets. We are excited to add these hotels to our growing portfolio,” says CEO Greg Friedman. “Our speed of execution on these properties averaged 20 days from start to finish. Our understanding of banking regulation and creative transaction structures allow us to navigate through these challenging markets. Both our investment and management teams are poised to take advantage of opportunities as they are presented.”
Since its inception, Peachtree has acquired or developed more than US$130 million of hotel properties and first mortgage notes. Peachtree owns and operates 1,154 hotel guestrooms at 13 properties throughout the United States.