Peachtree Hotel Group Expands Portfolio
Monday March 3rd, 2014 - 9:37AM E
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COLUMBIA, SC—Peachtree Hotel Group acquired the nine-story, 189-room Courtyard by Marriott here, proximate the University of South Carolina.
Atlanta-based Peachtree, which has investments in more than 40 hotels, purchased the property on Assembly St. for an undisclosed amount. The transaction was arranged by Newmark Grubb Knight Frank Hotels on behalf of the seller, an affiliate of Fillmore Capital Partners, LLC.
“This acquisition fits our real estate investment strategy, which focuses on value-added opportunities in the premium-branded, select-service/limited-service sector,” stated Peachtree Hotel Group CEO Greg Friedman. “With this Courtyard marking our first acquisition this year, we remain on track to meet our investment goals in 2014.”
NGKF Hotels Senior Managing Director Sam Winterbottom and Director Bhavesh Patel, both with the Atlanta office, represented the seller and secured the buyer, in conjunction with locally based colleague Marshall Kibler with Newmark Grubb Wilson Kibler.
The hotel features 5,213 sq. ft. of meeting space, restaurant, bar, business center, high-speed wireless Internet access, gift shop, valet and dry-cleaning services and a free shuttle service to Columbia Metropolitan Airport and downtown attractions within a three-mile radius.
The property will undergo an approximately $3.5 million renovation to include the new Courtyard “Refreshing Business” lobby, new Bistro restaurant concept, as well as improvements to meeting spaces and guestrooms.
The Courtyard Marriott is one block from the University of South Carolina, home to more than 23,000 undergraduate students and 19 NCAA varsity sports teams, and four blocks from the South Carolina State House. Other nearby attractions include the Columbia Metropolitan Convention Center, Fort Jackson, Congaree National Park, Riverbanks Zoo and Garden, The Nickelodeon Theaters and the Colonial Life Arena.
Tags: Peachtree Hotel Group • Courtyard by Marriott • 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.