By Barbra Murray,
Peachtree Hotel Group increased its holdings by 394 keys with the purchase of three assets. The hotels include Element Denver Park Meadows, Aloft Tempe and Hampton Inn Green Bay Downtown.
It’s a diverse group, but all three properties boast premier locations in their respective markets. Element Denver Park Meadows, carrying the address of 9985 Park Meadows Drive. in Lone Tree, Colo., features 123 guestrooms and a spot within an upscale retail and lifestyle center in suburban Denver. Standing at 951 E. Playa Del Norte Drive., the 136-key Aloft Tempe counts Arizona State University and Sun Devil Stadium as its neighbors. And rounding out the group is the 135-key Hampton Inn Green Bay Downtown, located at 201 Main St. in Green Bay, Wisc., within close proximity of KI Convention Center, Lambeau Field and the Oneida Casino.
“As we continue to grow our national footprint, we are increasingly focused on westward expansion,” Brent LeBlanc, senior vice president with Peachtree Hotel Group, said in a prepared statement. “While we continue to have great faith in markets east of the Mississippi as evidenced by the Hampton Inn purchase, we believe there are numerous growth opportunities in the West.”
Summer Buying and Building Binge
Peachtree has been keeping busy over the last few months. In August, the company broke ground on the 140-key Hotel Indigo in Gainesville, Fla., with joint venture partner Celebration Pointe Holdings. In June, Peachtree purchased the 96-suite TownePlace Suites Gainesville Northwest.
The company has been in growth mode for quite some time. In mid-2016, Peachtree announced the acquisition of 10 hotels in transactions totaling approximately $183 million. The hotel shopping sprees are no passing fad for the hotel concern. “There are a number of new regions for Peachtree to explore that meet our criteria of strong, secondary and tertiary markets with high barriers to new entry, as well as numerous demand generators that appeal to both business and leisure travelers,” LeBlanc said.
Photo courtesy of Peachtree Hotel Group