Dealmaker: Peachtree Acquires Seven-Hotel Portfolio for $135M
Peachtree Hotel Group, Atlanta, acquired seven hotels in five states for $135 million.
The six Hilton hotels and one Marriott hotel total 829 rooms.
Peachtree Executive Vice President of Investments Brian Waldman said the firm saw more hotel acquisition opportunities during the second half of 2021, “and these seven properties are a continuation of our strategy to benefit from the ongoing recovery in hospitality.”
The acquired properties include:
- A 228-room dual-flag hotel in Tempe, Ariz. Both the 120-room Hilton Garden Inn Phoenix Tempe University Research Park and the 108-room Home2 Suites by Hilton Phoenix Tempe University Research Park date to 2017.
- Two Oregon assets, a 137-room Aloft Hillsboro-Beaverton in Hillsboro that dates to 2017 and a 120-room Home2 Suites by Hilton in Eugene.
- A Hilton Garden Inn Casper in Casper, Wyo. with 121 rooms.
- The 119-room Home2 Suites by Hilton Pittsburgh/McCandless in Pittsburgh, Pa., which was built in 2013.
- The Hilton Garden Inn West Lafayette Wabash Landing in West Lafayette, Ind. The 104-room asset delivered in 2003.
Peachtree Hotel Group President Patrick Short noted the newly acquired properties offer operational value-add opportunities. Peachtree Hospitality Management will operate all the new acquisitions.
“The hospitality industry is in a sustained recovery cycle, which is boosting hotel fundamentals,” Waldman said. “We continue to believe hotels, which are an effective inflation-hedging investment, will remain among the strongest real estate sectors for investing.”