“Reaching the topping out stage is a meaningful moment for any development,” said Greg Friedman, Peachtree’s managing principal and CEO. “This Residence Inn reflects our commitment to delivering purpose-built hotels in markets where we see long-term demand. San Antonio’s mix of tourism, education, and business activity makes it a suitable location for extended-stay lodging.”
Atlanta-based Peachtree is led by Friedman, Jatin Desai as managing principal and CFO, and Mitul Patel as principal. Merritt Development is led by Jeremy David Merritt, president.
The Residence Inn is near the Riverwalk, the University of Texas at San Antonio’s downtown campus, and corporate and government offices, the statement said. It will include a fitness center, meeting rooms, and outdoor spaces.
The property is being developed in a Qualified Opportunity Zone, aligning with Peachtree’s strategy to invest in underserved areas, the statement said. The firm is an active hotel developer in QOZs, with nine hotels opened and five, including this Residence Inn, under construction.
“This project combines strong market fundamentals with community impact,” Friedman said. “We’re proud to deliver an extended-stay hotel to a growing urban market while advancing our commitment to long-term economic growth in underserved areas.”
In May, Peachtree opened an office in Austin, Texas, its first outside Atlanta. The move supports its strategy focused on the Texas economy and commercial real estate. The company said the office aligns with its long-term plan, with investments in Dallas, San Antonio and Austin.
