Monday, November 4, 2013

Peachtree Hotel Group Acquires Five Hotel Mortgages, Two Hotels in 2013 Third Quarter


Hampton Inn, Millegeville, GA

                ATLANTA, GA, Nov. 4, 2013—Peachtree Hotel Group, one of the nation’s fastest growing hotel investment and management platforms, today announced that it continued to expand rapidly during the 3rd quarter, investing in seven assets comprised of 763 rooms, through the purchase of five first mortgage notes and the acquisition of two hotels. 

Element Hotel, Houston, TX
Additionally, the company completed a $1.8 million conversion of its Hampton Inn in Milledgeville, Ga., and provided a mezzanine loan of $3.1 million for the Element Hotel in Houston, Texas, to recapitalize the senior debt through its affiliate, Stonehill Strategic Capital.

In total, Peachtree expanded its portfolio by approximately $50 million in new investments for the 3rd quarter.                

Greg Friedman
“We continue to outpace our initial expectations, already exceeding our goal of adding 15 assets to our portfolio during 2013,” said Greg Friedman, Peachtree’s chief executive officer. 

“Throughout 2013, we purchased 11 first mortgage notes and seven hotels and completed three loan originations via Stonehill Strategic Capital.  Our appetite remains healthy for additional investment opportunities in all levels of the capital stack, and we remain very optimistic that we will have continued success in 4th quarter 2013 and beyond.”
    
For a complete copy of the company’s news release, please contact:

 Chris Daly, media
 (703) 435-6293



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