PEACHTREE GROUP RECENTLY obtained I-956F approval from U.S. Citizenship and Immigration Services for its TownePlace Suites project, currently under construction in Palmdale, California, under the EB-5 Immigrant Investor Program. This approval advances Peachtree's efforts to create investment opportunities through the EB-5 program, which supports economic growth and job creation in the U.S.
This is Peachtree's second hotel development to receive I-956F approval, following the Home2 Suites project in Boone, North Carolina, Peachtree said in a statement.
“We are excited to receive USCIS approval for our Palmdale project,” said Adam Greene, Peachtree’s executive vice president of EB-5. “This achievement highlights our commitment to delivering developments that drive economic growth and offer opportunities for investors and local communities.”
Peachtree is led by Greg Friedman, managing principal and CEO; Jatin Desai, managing principal and CFO; and Mitul Patel, principal.
The TownePlace Suites by Marriott in Palmdale, an extended-stay hotel, is scheduled for completion by spring 2025.
“The TownePlace Suites development, like the Home2 Suites, includes a substantial owner equity investment,” Greene said. “This alignment with our EB-5 investors reinforces confidence in the project’s success.”
Peachtree launched its EB-5 program in 2023 as a financing tool to support job-creating projects nationwide and is focused on providing investment and development opportunities through its growing portfolio of EB-5 projects, the statement said. The EB-5 visa program allows foreign investors to obtain a green card by investing in a new commercial enterprise that creates jobs in the U.S. Investors who contribute at least $800,000 to a U.S. project that creates or preserves 10 full-time jobs for U.S. workers are eligible for permanent residency.
“We focus on hotel development because the sector has proven resilient, offering flexibility in economic challenges,” Greene said. “With limited new hotel supply and rising travel demand, new assets are well-positioned to perform strongly, especially in the post-COVID era. Global travel spending is forecast to reach $15.5 trillion over the next decade, highlighting the long-term potential of the hospitality industry as a valuable investment opportunity.”
Peachtree recently launched a restaurant management division, starting with coffee shops in high-traffic locations such as hospitals and universities. Led by Daniel Puglisi, senior vice president of corporate operations, the venture began with a partnership with AdventHealth, opening a Starbucks at AdventHealth Orlando.
