PEACHTREE GROUP RECENTLY acquired the AC Hotel Park City in Utah, its sixth hotel acquisition this year, bringing the total to 789 rooms. The company is predicting more growth over the next two years.
Peachtree is led by Greg Friedman, CEO and managing principal; Jatin Desai, CFO and managing principal; and Mitul Patel, principal.
“Our team has successfully acquired a number of hotel properties at below-market prices, taking advantage of the current slowdown in transactions,” said Friedman. “While the market is slower than usual due to high interest rates, tighter lending conditions, economic and geopolitical uncertainty, we continue to remain active, capitalizing on unique opportunities that arise in this environment while employing multiple strategies that allow us to capitalize on the current market dislocation. By staying patient and strategic, we’ve been able to secure valuable assets while others take a more cautious approach.”
Peachtree’s portfolio includes three Hilton and three Marriott hotels, all managed by Peachtree’s hospitality division, which oversees 93 hotels across 27 brands, totaling 11,837 rooms in 26 states.
In addition to the AC Hotel Park City, the acquired properties include:
- 128-room Residence Inn by Marriott in Wesley Chapel, FL
- 114-room Residence Inn by Marriott in Oakhurst, NJ
- 146-room Home2 Suites by Hilton in Falls Church, VA
- 130-room Home2 Suites by Hilton in Lawrenceville, GA
- 180-room Hilton Garden Inn in Denver
As the transaction market normalizes, the company remains well-positioned to expand its portfolio and enhance long-term returns, Peachtree said in a statement. Owners with looming maturities are becoming more motivated to sell rather than face costly refinancing, creating opportunities for well-capitalized buyers.
“What’s even more promising is that the bid-ask gap between buyers and sellers is beginning to narrow, as outside market pressures continue to put stress on property-level economics,” Friedman said. “Given these factors, we anticipate an increase in transaction activity in the waning months of 2024 and into 2025.”
“As the market rebalances, we are well-positioned with a diverse platform and a proven track record of execution that will allow us to continue our momentum and seize on attractive opportunities in the months ahead,” he said.
Peachtree recently secured I-956F approval from USCIS for its TownePlace Suites project in Palmdale, California, under the EB-5 Immigrant Investor Program. This marks Peachtree’s second hotel development to receive I-956F approval, following the Home2 Suites project in Boone, North Carolina.
Rep. Aaron Bean delivers keynote addressPhoto credit: AAHOA