ATLANTA—Peachtree Hotel Group (PHG) continues its record growth with investments in 12 hotels year-to-date.
The company has acquired the 260-room Holiday Inn Downtown Atlanta and the 159-room Sheraton Jacksonville, FL. Additionally, PHG has four ground-up development projects in its pipeline that include the 100-room Courtyard by Marriott Kennesaw, GA; the 106-room Home2 Jacksonville, FL; the 91-room Home2 Prattville, AL; and the 98-room Hilton Garden Inn Jackson, TN.
The company also has invested $23 million to renovate and/or rebrand six of their assets including the 110-room Hampton Orlando/UCF, FL, the 107-room Holiday Inn Franklin/Cool Springs, TN, the 125-room Hilton Garden Inn Overland Park, KN, the 161-room Embassy Suites Williamsburg, VA, the 116-room SpringHill Suites Downtown San Antonio, and the 78-room Fairfield Inn & Suites Indianapolis.
“Building off of a very successful 2014 that saw the addition of 14 assets to our portfolio of select- and limited-service hotels in major urban and secondary markets, we continue to take proactive steps to enhance and expand our portfolio,” said Greg Friedman, Peachtree CEO.
“We are active in all three growth platforms: acquiring, upgrading and development. With the industry expected to enjoy continued, though measured, rate and occupancy growth for the next two to five years, we continue to implement our aggressive growth strategy,” said Jatin Desai, chief investment officer.
The four hotels under development are expected to break ground within the next nine months. The Home2 Prattville is expected to break ground by November 1, 2015, the Home2 Jacksonville by March 2016 and the Hilton Garden Inn Jackson by June 2016. PHG will own and operate these three hotels on its own behalf. The Courtyard by Marriott Kennesaw broke ground earlier this October and is expected to be completed by October 2016. Peachtree will provide development and management services for the Courtyard.