The company is developing a dual-branded Embassy Suites and Tempo by Hilton in Austin. The 30-story tower will have 480 rooms and a rooftop bar and lounge. The project also includes 10,000 square feet of first- and second-floor space for a national restaurant group.
“These projects reflect the full breadth of what Peachtree can deliver,” said Greg Friedman, Peachtree's managing principal and CEO. “From a beachfront resort in Gulf Shores to a lifestyle-driven hotel in Uptown Dallas and a dual-branded flagship in downtown Austin, we are scaling across markets with projects that redefine experiences for guests and value for our partners. Each underscores the strength of our platform to execute in a challenging environment.”
Atlanta-based Peachtree is led by Friedman; Jatin Desai, managing principal and CFO and Mitul Patel, principal.
Peachtree’s Opportunity Zone development program advances with the topping out of its Residence Inn San Antonio and the openings of the Hampton Inn & Suites in Maui and the AC Hotel Detroit. The company also opened The Ava Hotel, a Curio Collection by Hilton, in Paso Robles, California, in August.
The firm is also active in Qualified Opportunity Zones, with 11 hotels open, four under construction and three in the pipeline, the statement said. Peachtree has supported the program since its inception, allocating capital to spur economic development and revitalize underserved communities.
The firm recently opened the Homewood Suites in Jackson, Tennessee and expects to open two more hotels this year: a Home2 Suites in Ashburn, Virginia and a Tru by Hilton in Huntsville, Alabama.
Will Woodworth, Peachtree’s senior vice president of investments, said developing hotels today requires both conviction and capability.
“High interest rates, elevated construction costs and tighter credit conditions have slowed new supply, but our vertically integrated platform and access to capital allow us to partner with best-in-class brands to deliver properties on time and on budget that will elevate the markets in which we build," he said.
Peachtree recently launched an equipment finance division, offering lease financing across industries, including commercial real estate and hospitality.
