Peachtree Group recently acquired the 180-room Hilton Garden Inn Denver Tech Center in Denver, marking its second hotel in Denver after the Element Denver Park Meadows. The company's hospitality management team will oversee the seven-story hotel located in the city's employment hub, Peachtree said in a statement.
However, the financial terms of the transactions were not disclosed.
“We are excited to acquire this premium-branded hotel in a growing submarket with a variety of diverse and stable demand generators,” said Michael Bernath, Peachtree’s senior vice president for acquisitions. “The Denver economy is well diversified, with the city gaining recognition as a burgeoning tech hub. We believe the expansion of the R-Line, increased connectivity of the area and the completion of the transformative Bellview Station development will continue to make the Denver Tech Center an attractive destination for consumers and corporations alike.”
Peachtree aims to further invest in the property, which was previously renovated in 2014, the statement said. The hotel is near the under-development Bellview Station, a transit-oriented mixed-use development spanning more than 50 acres. There are companies including Comcast, Oracle, Microsoft, Zoom, Charles Schwab, Fidelity Investments, Newmont Mining, and Western Union in the vicinity.
“Upon renovation, the hotel will be the newest renovated property in the area and will be positioned to command a significant premium in daily rates,” Bernath said.
Peachtree Group has executed numerous investments since its inception, focusing on real estate acquisition, development, and lending, valued at almost $9.7 billion in total market capitalization, the statement added. Presently, the company manages over $3.4 billion in capital.
Peachtree Group recently closed its third hotel acquisition structured as a Delaware Statutory Trust, securing the 98-key Hilton Garden Inn in Jackson, Tennessee.
