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Business
Hospitality group acquires 2 Tempe hotels
Posted
Peachtree Hotel Group has acquired seven premium-branded hotels for approximately $135 million.
The acquisitions, totaling 829 rooms, include six Hilton hotels and one Marriott hotel. All hotels will be operated by Peachtree Hospitality Management, a division of Peachtree.
"These acquisitions are complementary to our existing portfolio of high-quality, well-located assets with strong demand generators," said Brian Waldman, Peachtree's executive vice president of investments. "We experienced an uptick during the second half of 2021 for hotel acquisition opportunities, and these seven properties are a continuation of our strategy to benefit from the ongoing recovery in hospitality."
The acquisition includes a 228-room dual-flag hotel in Tempe: the 120-room Hilton Garden Inn Phoenix Tempe, located at University Research Park, and the 108-room Home2 Suites by Hilton Phoenix Tempe, also at University Research Park in Tempe. Both were built in 2017.
The other hotels Peachtree acquired can be found in Oregon, Wyoming, Pennsylvania and Indiana.
“We are excited to add these hotels to our portfolio, furthering our growth and footprint across the country,” said Patrick Short, PHM’s president. “These hotels offer exceptional operational value-add opportunities for potentially decreased expenses and increased efficiencies with our property management takeover.”
As of March 16, Peachtree manages 81 hotels across 23 brands, with 9,813 rooms located in 18 states.
"The hospitality industry is in a sustained recovery cycle, which is boosting hotel fundamentals," said Waldman. "We continue to believe hotels, which are an effective inflation-hedging investment, will remain among the strongest real estate sectors for investing."
Peachtree is a real estate private equity investment firm investing primarily in hospitality. Since its founding in 2008, the company has completed hundreds of real estate investments valued at more than $6.0 billion in total market capitalization, and currently has $2.1 billion in equity under management.
