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| Courtyard by Marriott Jacksonville I-295/East Beltway Jacksonville, FL |
ATLANTA, GA—Peachtree Hotel Group, one of
the nation’s fastest growing hotel acquisition, management, development and
ownership groups, today announced that it acquired/invested in six hotels in
the southeastern United States during the 2013 first quarter.
At this pace, the
company is well ahead of its previously announced goal of adding15 hotels to
its portfolio during the coming year.
“Our
approach to hotel investment begins with being flexible,” said Greg Friedman,
Peachtree CEO. “Our growth strategy
encompasses 100 percent acquisitions, participating as a majority or minority
owner, acquiring first mortgage hotel loans and third-party management.
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| Homewood Suites by Hilton Durham-Chapel Hill/I-40 Durham, NC |
Jatin Desai, chief investment officer, noted that the
company’s diversified acquisition strategy of both real estate and note
acquisitions allows it to surface transactions very early in the process which
yields more opportunities.
“During the first quarter, we looked at more than 100
transactions, including individual assets and portfolios, but selected only six
where we thought we could add value at appropriate risk-adjusted returns,” said
Desai.
“While all but one
of these transactions were equity-related, acquiring hotel loans remains a high
priority for us. We want to work with
owners and operators who can benefit from restructuring of existing loans, cash
infusions or providing other creative financing alternatives.”
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| Greg Friedman |
“Each of these assets is a great fit and complements our
growing portfolio of 25 select service and extended stay hotels. The
properties’ geographic locations and dynamics match up well with our strategy
of owning and managing hotels in primary and secondary markets,” said Mitul
Patel, chief operating officer.
For a complete copy of the company’s news release, please
contact:
Lauralee Dobbins,
media
(703) 435-6293
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