Summary:
- Peachtree opened Tru by Hilton Huntsville Research Park Area in Huntsville, AL.
- Operated by Peachtree’s hospitality division.
- Located in a Southeast tech and defense hub in a qualified opportunity zone.
Tru by Hilton Huntsville Research Park Area is now open in Huntsville, Alabama. The 98-room hotel was developed by Peachtree Group and is the firm’s sixth property opened this year.
Peachtree’s hospitality management division will operate the hotel, the company said in a statement.
“Our partnership with Hilton grows with each project,” said Mitul Patel, Peachtree’s managing principal. “Hilton has been a trusted partner for many years and we are committed to developing hotels together in markets with solid demand and economic growth.”
The hotel is in a technology and defense hub in the Southeast and was built in a qualified opportunity zone, the statement said. It is within a mile of Boeing, NASA and the FBI’s Huntsville campus. It includes a market, a fitness center and lounge areas.
Will Woodworth, Peachtree’s senior vice president of investments, said the opening of Tru Huntsville reflects the company’s commitment to developing institutional-quality properties in markets with steady demand drivers.
“Huntsville’s role in aerospace, defense and advanced manufacturing makes it a strong fit for Hilton’s Tru brand and Peachtree’s long-term investment strategy,” he said.
Opportunity zones were created under the Tax Cuts and Jobs Act of 2017, which designated certain low-income census tracts as QOZs. Peachtree has supported the program since its inception, allocating capital to promote economic development and its goal of revitalizing underserved communities.
Atlanta-based Peachtree is led by Managing Principal and CEO Greg Friedman; Managing Principal and CFO Jatin Desai and Patel.
Peachtree is one of the most active hotel developers in QOZs, with 12 hotels opened, three under construction and three in the pipeline, the statement said. It is also expanding into convenience and fuel retail, providing up to $200 million to The Briad Group for site development and acquisition.
