Peachtree Hotel Group, a lodging organization focused on operating and investing in premium select service and extended-stay hotels today announced the addition of two first mortgage note purchases and one hotel acquisition, growing their portfolio to 13 properties. The total value of all three acquisitions exceeded $20 million.
PHG acquired and currently manages the Four Points by Sheraton in downtown San Antonio, Texas. The 116-room hotel is strategically located in the heart of the business district and within a few steps from the Riverwalk and Convention Center.
PHG, through an affiliate, acquired two first mortgage notes in the second quarter of 2010. The first was a SpringHill Suites by Marriott in a suburb of Philadelphia and the second, a Holiday Inn Express in Birmingham, Alabama. The Holiday Inn Express in Birmingham, Alabama is now managed by Peachtree.
“These are all attractive properties and investment opportunities in quality markets. We are excited to add these hotels to our growing portfolio,” says Greg Friedman, CEO, Peachtree Hotel Group. “Our speed of execution on these properties averaged 20 days from start to finish. Our understanding of banking regulation and creative transaction structures allow us to navigate through these challenging markets. Both our investment and management teams are poised to take advantage of opportunities as they are presented.”
Peachtree Hotel Group invests, operates and develops premium-branded select service and extended-stay hotels under the Marriott, Starwood, Hilton and InterContinental Hotels Group flags. Since its inception, Peachtree has acquired or developed more than $130 million of hotel properties and first mortgage notes. Peachtree currently owns and operates 1,154 hotel guest rooms in 13 properties throughout the United States.