Peachtree Hotel Group (PHG) Concludes Record 2018 with 14 Hotel Acquisitions and 10 Developments Totaling $495 Million
ATLANTA--(BUSINESS WIRE)--Feb 5, 2019--Officials of Peachtree Hotel Group (PHG), one of the nation’s fastest growing hotel investment and management platforms, today announced it concluded a record 2018 with 14 hotel acquisitions and 10 ground-up development projects totaling $495 million.
“Since our founding, we have cultivated a team of the industry’s leading professionals to refine our internal goals and strategies in order to be one of the most competitive investors in hotels,” said Brian Waldman, senior vice president of investments, Peachtree Hotel Group. “Peachtree has grown into a true value-add buyer, as evidenced by the improved quality of our assets and the further expansion of our portfolio nationwide. We have worked hard to earn a reputation as an entity that can move quickly to underwrite, execute and close deals in a timely manner.”
PHG made the following acquisitions during 2018:The 161-room SpringHill Suites Navarre Beach, FL The 198-room Crowne Plaza in Wauwatosa, WI The 138-room Hampton Inn & Suites in Jekyll Island, GA The 129-room Four Points by Sheraton in Knoxville, TN The 117-room Fairfield Inn & Suites in Charlottesville, VA The 112-room TownePlace Suites in Southaven, MS The 92-room Homewood Suites in Buckhead, GA The 147-room Hilton Garden Inn in Kansas City, MO The 109-room TownePlace Suites in Chandler, AZ The 120-room Hampton Inn in Columbia, MO The 94-room Homewood Suites in Daytona Beach, FL The 90-room Staybridge Suites in Madison, WI The 91-room Staybridge Suites in Middleton, WI The 86-room Homewood Suites in Covington, LA
The new acquisitions total approximately $285 million and bring the company’s portfolio to 46 hotels totaling 5,511 rooms nationwide.
Peachtree also executed on 10 development deals last year, including:The 165-room Element in Orlando, FL The 140-room Hotel Indigo in Gainesville, FL The 136-room Fairfield Inn & Suites in St. Louis, MO The 105-room Homewood Suites in Destin, FL The 130-room Home2 Suites in Lawrenceville, GA The 119-room Courtyard in Plainfield, IN The 100-room Courtyard in Kennesaw, GA The 98-room Hilton Garden Inn in Jackson, TN The 90-room Home2 Suites in St. Augustine, FL The 106-room Home2 Suites in San Antonio, TX
“Our development pipeline has improved, as well,” Waldman noted. “Currently, we have a strong pipeline of investments that we plan to execute in 2019, ranging from an urban, dual branded development project in Atlanta to multiple ground-up hotel projects located in Opportunity Zones throughout the country.”
“We continue to explore new opportunities to accommodate our aggressive growth plans, from co-developments with partners to opportunity zone funding,” said Brent LeBlanc, senior vice president, Peachtree Hotel Group. “Metrics continue to point towards further industry growth, and Peachtree looks to take advantage of the prevailing winds.”
About Peachtree Hotel Group
Peachtree Hotel Group operates, develops and invests in premium-branded, 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 $2.4 billion of hotel properties and first mortgage notes. Peachtree’s current portfolio is comprised of 104 hotel assets totaling 12,767 rooms, including 46 real estate assets and 58 notes. For more information, please visit www.peachtreehotelgroup.com.
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CONTACT: Chris Daly, media
KEYWORD: UNITED STATES NORTH AMERICA GEORGIA
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SOURCE: Peachtree Hotel Group
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PUB: 02/05/2019 09:31 AM/DISC: 02/05/2019 09:31 AM