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| Greg Friedman |
ATLANTA, GA, Jan. 28, 2013—Officials of Peachtree Hotel Group,
one of the nation’s fastest growing hotel acquisition, management, development
and ownership groups, today announced that it closed 2012 by completing 31
acquisitions over the past 24 months.
The most recent was
the portfolio purchase of two non-performing hotel first mortgage notes – the
135-room Hilton Garden Inn – Virginia, and the 60-room Best Western – Florida
from a regional bank.
Company executives also divulged that Peachtree plans to
maintain one of the industry’s most aggressive acquisition paces of one to three
hotels per month for at least the next 12 to 18 months.
“Our
unique, two-fold acquisition strategy of purchasing both hotel real estate and
discounted first mortgage notes has enabled us to grow rapidly over the past
two years while most other industry players have been on the sidelines,” said Greg
Friedman, Peachtree CEO.
“To support this growth, we continuously have added bench
strength to give our organization the strength and flexibility to handle the
growth we’ve enjoyed.
“Our core team has more than 150 years of collective
experience, and we’ve added key players in all facets of the business,
including acquisitions, asset management, operations, accounting and marketing
to support our expansion.” five years,” Friedman said.
“This is not a
sideline business for us or a way to spread our overhead. We believe we add significant value for our
owners’ hotels through best-in-class practices and support, which will allow us
to expand rapidly in this sector.”
For a complete
copy of the company’s news release, please contact:
Chris Daly, media
(703) 435-6293
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