Peachtree Hotel Group expands portfolio in Q3
Monday November 4th, 2013 - 10:21AM W
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
ATLANTA—Peachtree Hotel Group has continued to expand during the third quarter with its investment into seven hotels through the purchase of five first mortgage notes and the acquisition of two hotels.
In addition, the company completed a $1.8 million conversion of its Hampton Inn in Milledgeville, GA, and provided a mezzanine loan of $3.1 million for the Element Hotel in Houston, TX, to recapitalize through its affiliate, Stonehill Strategic Capital. In total, Peachtree expanded its portfolio by approximately $50 million in new investments for the third quarter.
The company prepared for the growth by expanding its internal teams and corporate capabilities. The company recently hired Kevin Cadin to serve as in-house general counsel and added bench strength with accounting and hotel operations. To help manage and facilitate its continued growth, Peachtree also formed Stonehill Investors, which will focus on strategic equity initiatives and manage the growing pool of investor relationships.
Tags: • Hospitality •
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.