Peachtree Executes Seven Transactions in First Half of 2014
Wednesday May 28th, 2014 - 9:38AM E
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ATLANTA, GA—Peachtree Hotel Group has executed seven hotel transactions in the first half of 2014.
The company is on track to add 12-14 hotel assets to its portfolio by the end of the year through a combination of acquisitions, new development and mortgage loan originations.
The properties that Peachtree has added a total 1,030 rooms in its portfolio. Peachtree acquired the 163-room Embassy Suites in Williamsburg, VA, the 189-room Courtyard by Marriott in Columbia, SC and the 195-room Four Points by Sheraton in Biloxi, MS. The company provided $9.1 million in first mortgage/mezzanine financing for the Candlewood Suites in Indianapolis, IN and $10.9 million for the Hilton Garden Inn in Phoenix, AZ. Peachtree developed and opened the 110-room Courtyard by Marriott in Columbus, MS, and began construction on the 105-room Courtyard by Marriott and The Mill conference center and office building in Starkville, MS.
Peachtree CEO Greg Friedman said, “Our ability to deploy capital at different levels in the capital stack has allowed us to maintain a healthy pipeline of investment opportunities in this competitive market.”
Peachtree CIO Jatin Desai added, “We remain committed to our target growth plan of seeking out select-service and limited-service hotels with well-respected flags that could benefit from a change in management, capital improvements, refinancing or some combination of the three.”
Tags: Peachtree Hotel Group • transactions • assets • Greg Friedman • Jatin Desai • Embassy Suites • Williamsburg • Courtyard by Marriott • Columbia • Four Points by Sheraton • Biloxi • Candlewood Suites • Indianapolis • Hilton Garden Inn • Phoenix • Columbus • Starkville • Hospitality • Acquisitions •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.