Peachtree Hotel Group bought seven branded properties and had an estimation of more than $135 million.
Six Hilton hotels and one Marriott hotel are included in the acquisitions, which total 829 rooms. Peachtree Hospitality Management, a branch of Peachtree, will run every property.
According to Brian Waldman, EVP of investments at Peachtree, “These acquisitions are complementary to our current portfolio of high-quality, well-located facilities with significant demand drivers.” “We saw an increase in hotel acquisition opportunities during the second half of 2021, and these seven properties represent a continuation of our strategy to profit from the continued recovery in hospitality,” the company said.
The acquired assets consist of:
- 2017 saw the construction of a 228-room dual-flag hotel in Tempe, Arizona, with 120 rooms under the Hilton Garden Inn Phoenix Tempe, University Research Park, and 108 under the Home2 Suites by Hilton Phoenix Tempe, University Research Park.
- Built-in 2017 is the 137-room Aloft Hillsboro-Beaverton in Hillsboro, Oregon.
- The 2008-constructed, 121-room Hilton Garden Inn Casper in Casper, Wyoming.
- Built-in 2016 in Eugene, Oregon, the Home2 Suites by Hilton Eugene Downtown University Area has 120 rooms.
- Built-in 2013, Pittsburgh, Pennsylvania’s Home2 Suites by Hilton Pittsburgh/McCandless has 119 rooms.
- West Lafayette, Indiana’s 2003-built Hilton Garden Inn West Lafayette Wabash Landing has 104 rooms.
According to Patrick Short, president of PHM, “We are pleased to add these properties to our portfolio, continuing our growth and footprint across the country.” “With our property management takeover, these hotels offer tremendous operational value-add chances for possibly decreased costs and enhanced efficiencies.”
Peachtree manages 81 hotels under 23 brands, totaling 9,813 rooms, in 18 states as of March 16.
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