A joint venture between Peachtree Hotel Group and Verakin Capital has acquired two properties in California, while Innisfree Hotels has purchased a hotel on Florida’s Treasure Coast.
Peachtree Hotel Group acquires two hotels in California
Peachtree Hotel Group, in its first joint venture partnership with Verakin Capital, has acquired the 81-key Hampton Inn & Suites Paso Robles and the 60-key La Bellasera Hotel & Suites in Paso Robles, CA. Peachtree Hospitality Management, a division of Peachtree, will operate the properties. The terms of the transactions were not disclosed.
The Hampton Inn & Suites and La Bellasera Hotel & Suites were developed in 2003 and 2007, respectively, and are located in the heart of the state’s central coast and near more than 40,000 acres of vineyards and 200 wineries.
Peachtree will improve the competitive positioning of the La Bellasera Hotel & Suites through a conversion to a Tapestry Collection by Hilton. The scope of the conversion will include a complete rebranding to comply with the brand standards, including signage replacement, upgrades to common spaces, meeting space, food and beverage outlets, guest amenities and guestrooms.
The Hampton Inn & Suites will also undergo a renovation of all areas of the property.
Innisfree Hotels acquires Hutchinson Island Plaza Hotel & Suites
Coastal hotel operator Innisfree Hotels, in partnership with RREAF Holdings, has acquired the Hutchinson Island Plaza Hotel & Suites, formerly known as the Sandhurst Hotel & Suites, on the south end of Hutchinson Island on Florida’s Treasure Coast.
The 70-room boutique property includes waterfront suites, a private inlet beach and direct access to inshore and offshore fishing. Amenities include free WiFi, complimentary breakfast, a 24-hour business center, a gift shop and a private pier.