ATLANTA—Peachtree Hotel Group has 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.
“We have now met our 2014 goal of adding up to 14 new assets to our hotel portfolio, and we still have plenty of time to far exceed those aggressive numbers and make this a record year for Peachtree,” said Greg Friedman, Peachtree CEO. “We remain a nimble investor, capable of executing quickly for the right investment opportunities.”
“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:
1. First mortgage note purchase on La Quinta in Georgia
2. First mortgage note purchase on a boutique hotel in SC
3. Real estate purchase of Crowne Plaza in North Charleston, SC
4. Real estate purchase of Hilton Garden Inn in Overland Park, KS
5. Real estate purchase on Hampton Inn and Suites in Orlando/UCF in Florida
6. Majority interest purchase of the Magnuson in Cool Springs, Tenn., which will be converted to a Holiday Inn
7. First mortgage bridge loan on the TownePlace Suites in Clear Lake, TX
“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.”