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| 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.
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| 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.
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| 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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