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| Greg Friedman |
ATLANTA, GA, Feb. 3, 2014—Officials of Peachtree Hotel
Group, one of the nation’s fastest growing hotel acquisition, management,
development and ownership groups, today announced that it significantly
exceeded its projections for 2013, adding 16 hotel assets and three third-party
management contracts.
The company remains equally optimistic for 2014, projecting
it will add 12-14 hotel assets, both acquisitions and new-builds, and up to
six, third-party management contracts by year’s end. Already this year, the company has three hotel assets under
contract for a total of 483 rooms.
“All
metrics point towards 2014 being another strong year for the hospitality
industry, and we plan to aggressively pursue projects where we believe we can
provide the best service and add value as either an owner and/or operator,”
said Greg Friedman, Peachtree CEO.
“Additionally, we are selectively considering certain
development opportunities and expect to execute on two to four new builds this
year.”
“We are pursuing sites that have high barriers to entry with
multiple demand generators and long-term growth opportunities,” said Jatin
Desai, Peachtree CIO. “Given the
cyclicality of the hotel industry, we are disciplined in our development process
so that our projects can generate risk-adjusted returns in all phases of the
real estate cycle.”
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| Jatin Desai |
Peachtree acquired 16 assets in 2013 totaling 2,015
rooms. Additionally, the company
disposed of 10 assets in 2013.
The
company also became an approved 3rd party operator for the Marriott CFRST
brands and already has added two properties to its third-party management
portfolio.
Peachtree will invest in
excess of $20 million during 2014 to upgrade its owned hotel portfolio.
With
acquisition and investment capabilities and seasoned, third-party management
expertise, Peachtree focuses on premium-branded, select-service and
limited-service hotels.
While the
company has experience in all markets nationwide, its portfolio centers
primarily on the Southern and Midwestern U.S.
“Between
operating performance and acquisition opportunities, we forecast another strong
year for Peachtree and the hospitality industry overall,” said Mitul Patel,
Peachtree COO.
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| Mitul Patel |
“We expect that the
majority of our portfolio will experience moderate RevPAR growth and that the
cost of capital will remain historically inexpensive over the coming 12
months. All of these factors will
contribute to a fertile transaction market for 2014.”
To
facilitate its fast-paced growth, Peachtree has continuously expanded its
operation, acquisition and investment management teams, adding eight people
over the past six months.
“As we
expand, we have trigger points to add additional bench strength to help manage
our ever growing portfolio,” Patel added.
For a complete copy of the company’s news release, please
contact:
Chris Daly
Daly Gray Public Relations
Tel: 703 435 6293
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