THE MANAGING PRINCIPALS of Atlanta-based Peachtree Hotel Group are forming a new company, Peachtree Group, to oversee its investment portfolio. Peachtree’s hospitality division includes Peachtree Hotel Group, Peachtree Hospitality Management and Peachtree Hospitality Development.
The new company will manage and control investments and direct investment strategies across different divisions, including hospitality, commercial lending, residential development and capital markets, the company said in a statement. The company is expanding in those areas, said Greg Friedman, Peachtree's CEO and managing principal.
"The expanded breadth of investment types we are undertaking warranted the formation of Peachtree Group without hotel in the moniker," Friedman said. "This transformative structure provides a significant opportunity to unlock the full potential of our integrated real estate investment platform that has served us well in the hospitality sector to expand into other real estate sectors and businesses.
The establishment of the new company is a milestone for the company as it continues to scale its investment platform, Friedman said.
“We are fortunate to have incredible depth and breadth of talent across Peachtree and its operating companies,” he said.
According to the statement, Peachtree will be led by its managing principals, Friedman and Jatin Desai, serving as chief financial officer. The current executives of its operating companies will remain the same.
"Peachtree Group managing our capital and working with each operating company to develop tailored investment strategies will enable them to direct their resources toward their strategic priorities better and achieve desired growth objectives," Desai said.
Peachtree also has a commercial lending division that includes Stonehill and its affiliated companies, Stonehill Commercial Real Estate Group and Stonehill PACE. Its residential development division includes The Revive Land Group and the capital market division includes Peachtree PC Investors.
Peachtree is a private equity firm started in 2008. It has completed hundreds of real estate investments valued at more than $7 billion in total market capitalization and currently has $2.3 billion in equity under management.
Earlier this month, Peachtree acquired the Canopy by Hilton Atlanta Midtown hotel in Atlanta.
Sonesta launched Americas Best Value Studios, an extended-stay version of ABVI.
The model targets owners seeking limited front desk and housekeeping.
The brand meets demand for longer-term, value-focused stays.
SONESTA INTERNATIONAL HOTELS Corp. launched Americas Best Value Studios by Sonesta, an extended-stay version of its franchised brand, Americas Best Value Inn. The model targets owners seeking limited front desk and housekeeping, optional fitness center and lobby market along with standard brand requirements.
The brand aims to address the growing demand for longer-term, value-driven accommodations, Sonesta said in a statement.
"Americas Best Value Studios by Sonesta represents a strategic evolution of our trusted Americas Best Value Inn brand," Keith Pierce, Sonesta’s executive vice president and president of franchise development, said. "We are expanding our offerings to directly address the increasing demand within the extended-stay segment, providing a practical solution for travelers seeking longer-term lodging at value. This new brand type allows our local franchised owner-operators to tap into a growing market while maintaining the community-focused experience that Americas Best Value Inn is known for."
ABVI has a majority presence in secondary and tertiary markets, the statement said.
The extended-stay brand’s operational model features a front desk, bi-weekly housekeeping, on-site laundry and pet-friendly accommodations, Sonesta said. Guests can also earn or redeem points through the Sonesta Travel Pass loyalty program.
In August, Sonesta named Stayntouch its preferred property management system after a two-year review of its ability to support the company’s franchise model. The company operates more than 1,100 properties with more than 100,000 rooms across 13 brands on three continents.
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