ATLANTA—Peachtree Hotel Group (PHG) finalized 10 acquisitions, five opportunity zone and four ground-up developments during 2019.
“While the hotel industry continues to operate at near record levels, investors should be extremely selective and diligent when evaluating the viability of potential investments,” said Brian Waldman, EVP of investments, Peachtree Hotel Group. “The industry remains a street-corner business, and each market has unique characteristics that allow us to identify and execute on attractive investment opportunities. Moving forward, we will continue to focus on stronger, more well-insulated markets coupled with premium brands and quality construction that can withstand volatility as the economy approaches the peak of the economic cycle.”
He continued, “In addition to acquisitions, we have delved deeper into opportunity zone projects, capitalizing on the national program to promote private investment in targeted areas, while creating incredible value for our investors. Our footprint has continued to grow, as well, as we move into new markets where we see opportunities to participate in developing markets across the United States.”
PHG made the following acquisitions during 2019:
- The 128-room Hampton Inn by Hilton Fort Lauderdale/Plantation in Florida
- The 92-suite Home2 Suites by Hilton Cincinnati Liberty Township in Ohio
- The 126-room Hampton Inn by Hilton Baltimore-Downtown Convention Center in Maryland
- The 156-room Courtyard by Marriott Savannah Downtown/Historic District in Georgia
- The 111-suite Home2 Suites by Hilton El Paso Airport in Texas
- The 152-suite Residence Inn by Marriott Charlotte South Park in North Carolina
- The 132-suite Home2 Suites by Hilton Dallas Downtown at Baylor Scott & White in Texas
- The 180-room Hampton Inn by Hilton Indianapolis Downtown Across from Circle Centre in Indiana
- The 117-room Hampton Inn & Suites by Hilton Phoenix Tempe in Arizona
- The 224-room, under construction dual-branded Hilton Garden Inn and Home2 Suites by Hilton Orlando Downtown in Florida
The new acquisitions total approximately $300 million and bring the company’s portfolio to 50 hotels totaling 6,000 rooms nationwide.
Peachtree also executed on five opportunity zone projects last year:
- The 157-suite SpringHill Suites by Marriott Baltimore Downtown/Inner Harbor in Maryland
- The 199-room AC Hotel by Marriott Phoenix in Arizona
- The 126-room Tempo by Hilton Indianapolis in Indiana
- The 108-room Residence Inn by Marriott Plainfield in Indiana
- The 135-suite Homewood Suites by Hilton Louisville in Kentucky
Additionally, Peachtree closed on four ground-up hotel development projects:
- The 134-room AC Hotel by Marriott Austin in Texas
- The 122-suite Home2 Suites by Hilton Ashburn in Virginia
- The 118-suite SpringHill Suites by Marriott Lexington in Kentucky
- The 110-room TownePlace Suites Palmdale in California
“Barring any unforeseen black swan event, we expect to have a similarly robust 2020,” Waldman said. “Our pipelines remain full, and we remain on track to continue adding to our portfolio of well-branded hotels in markets with barriers to new entry.”