ATLANTA – (COMMERCIAL THREAD) – Peachtree Hotel Group (“Peachtree”), in its first joint venture partnership with Verakin Capital (“Verakin”), announced the acquisition of 81 Hampton Inn & Suites keys and 60 La Bellasera Hotel & keys Suites, in Paso Robles, California. Peachtree Hospitality Management (“PHM”), a division of Peachtree, will operate the properties.
The Hampton Inn & Suites and La Bellasera Hotel & Suites were developed in 2003 and 2007, respectively, and are located at 206-212 Alexa Court in Paso Robles, in the heart of the state’s central coast and close to over 40,000 acres of vineyards and 200 wineries. In addition, the city is home to olive oil production, natural hot springs, and a hub for regional events, including equestrian competitions and arts and cultural festivals. Paso Robles attracts visitors from all over the world, with nearly 2 million tourists each year.
“These properties meet our investment criteria of investing in premium branded hotels in growing markets with strong demand drivers,” said Brian Waldman, executive vice president, investments at Peachtree. “It also demonstrates our team’s ability to find attractive opportunities that offer significant upside potential. ”
“This acquisition marks the start of our long-term strategic partnership with Peachtree Hotel Group and Peachtree Hospitality Management. With mutually aligned investment criteria, we are able to work together to expand our footprints across the country, ”said Rupesh Patel, partner at Verakin Capital.
Peachtree will enhance the competitive positioning of La Bellasera Hotel & Suites with a conversion to the Tapestry Collection by Hilton.
Tapestry Collection by Hilton is an upscale lifestyle brand that will allow the hotel to benefit from Hilton’s global distribution system and the Hilton Honors program while maintaining distinctive design features, allowing the property to obtain higher average daily premiums.
“We are seeing the growth of lifestyle hotels, which respond to the growing trend of travel that combines business and leisure,” said Greg Friedman, CEO of Peachtree. “While offering similarities and predictability across the Hilton brand, no two Tapestry Collection hotels are alike, which appeals to today’s selective traveler looking for unique experiences. ”
The scope of the conversion will include a complete rebranding to comply with brand standards, including replacing signage, upgrading common areas, meeting spaces, food and beverage outlets. , guest amenities and rooms.
The Hampton Inn & Suites will also be undergoing a renovation of all parts of the property, making it one of the most recently renovated properties in the area.
Terms of the transactions were not disclosed.
About the Peachtree Hotel Group
Peachtree is a real estate private equity firm investing primarily in the hospitality industry. Since its founding in 2008, the company has made hundreds of real estate investments valued at over $ 5 billion in total market capitalization and currently manages $ 1.9 billion in equity. For more information visit www.peachtreehotelgroup.com.
About Peachtree Hospitality Management
Peachtree Hospitality Management, a division of Peachtree Hotel Group, is a hotel management company that builds loyalty from all stakeholders – team members, customers and owners. PHM’s proprietary systems and processes maximize financial performance and the value of each asset, improve efficiency, and empower hotel teams to deliver exceptional guest experiences to guests. PHM manages the performance of 80 hotels, across 23 brands with 9,692 rooms located in 17 states. In 2020, PHM was ranked 40th among the best hotel management companies in Hotel Business. For more information visit www.peachtreehotelgroup.com and follow them on LinkedIn.
About Verakin Capital
Verakin Capital creates the collaborative avenue to meet, pool resources, mitigate risks and multiply networks. They are as dedicated to growing wealth as they are to building relationships with like-minded professionals. Above all else, they are committed to integrity, professionalism, and building long-term wealth for their investors. For more information visit www.verakincapital.com.