Peachtree Expands Portfolio with $183 Million Investment in 10 Hotels
Photo courtesy of Hampton by Hilton.
Peachtree Hotel Group has announced plans to expand its portfolio by 10 hotels.
The Atlanta-based hotel investment and management organization revealed it will invest a total of $183 million on the select-service properties.
Four of the hotels are under contract to be acquired within the next 60 days, while the other six properties are in various stages of development. Once the acquisitions are completed and the hotels are open, the company's management unit will operate all 10 hotels.
The four hotels soon to be acquired by Peachtree boast a combined count of nearly 600 rooms. The properties, which span from the Southeast to the Midwest, comprise two Hampton Inns, an Aloft and a DoubleTree by Hilton.
The remaining hotels will add approximately 700 rooms to Peachtree's portfolio and include Marriott, Hilton, InterContinental Hotels Group and Starwood branded properties spread across four different states.
"With RevPAR at or near its peak, we continue to be very selective about the opportunities we pursue and target hotels that can benefit from either improved management or are in need of capital investments," said Peachtree's senior vice president of investments Brian Waldman in a statement.
"This plays well to our strengths as both owners and operators."
"To support our aggressive growth plans, we have added greater depth to our bench on the operations and finance sides," said Peachtree's CEO Greg Friedman in a statement. "We will continue to scale our platform to provide superior services for our investors, guests and team members as we expand."
The company's recent expansion effort is nothing new. After all, Peachtree has acquired a handful of properties just within the last two years. Therefore, the organization is unlikely to slow down as it keeps it collective eyes open to new opportunities.
"Although we continue to seek acquisitions nationwide, our primary focus remains within Peachtree's core footprint in the Southeast," Waldman told Commercial Property Executive.
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