ATLANTA–(BUSINESS WIRE) – The Peachtree Hotel Group (“Peachtree”) announced the acquisition of the 81-key Hampton Inn & Suites and the 60-key La Bellasera Hotel & Suites in its first joint venture partnership with Verakin Capital (“Verakin”) . in Paso Robles, California. Peachtree Hospitality Management (“PHM”), a division of Peachtree, will operate the properties.
The Hampton Inn & Suites and La Bellasera Hotel & Suites were developed in 2003 and 2007, respectively, and are located at Alexa Court 206-212 in Paso Robles, in the heart of the state’s central coast and near over 40,000 acres of vineyards and 200 wineries . In addition, the town is home to olive oil production, natural hot springs, and a central hub for regional events, including equestrian competitions and arts and culture festivals. Paso Robles attracts nearly 2 million tourists annually from all over the world.
“These properties meet our investment criteria to invest in premium branded hotels in growing markets with strong demand drivers,” said Brian Waldman, Peachtree Executive Vice President Investments. “This also shows our team’s ability to find attractive opportunities that have significant upside potential.”
“This acquisition marks the beginning of our long-term strategic partnership with the Peachtree Hotel Group and Peachtree Hospitality Management. With well-matched investment criteria, we can work together to expand our presence across the country, ”said Rupesh Patel, Partner at Verakin Capital.
Peachtree will improve the competitive position of La Bellasera Hotel & Suites by converting it into a Tapestry Collection by Hilton.
Tapestry Collection by Hilton is an upscale lifestyle brand that enables the hotel to benefit from the Hilton global distribution system and the Hilton Honors program while maintaining distinctive design features, which enables the hotel to earn higher average daily awards.
“We are seeing growth in lifestyle hotels that meet the growing trend in travel that combines business with leisure,” said Greg Friedman, CEO of Peachtree. “While the Hilton brand still offers similarities and predictability, no two Tapestry Collection hotels are the same, appealing to today’s discerning traveler looking for a unique experience.”
The scope of the conversion includes a full rebranding to meet brand standards, including signage replacement, upgrades to common spaces, meeting rooms, dining options, guest amenities and guest rooms.
The Hampton Inn & Suites is also undergoing renovations in all areas of the property, making it one of the most recently renovated hotels in the area.
The terms of the transactions were not disclosed.
About Peachtree Hotel Group
Peachtree is a private equity real estate investment company primarily investing in the hospitality industry. Since its inception in 2008, the company has made hundreds of real estate investments totaling more than $ 5 billion in market capitalization and currently manages $ 1.9 billion in equity. For more information, visit www.peachtreehotelgroup.com.
About Peachtree Hospitality Management
Peachtree Hospitality Management, a division of the Peachtree Hotel Group, is a hotel management company that creates loyalty with everyone involved – team members, guests and owners. PHM’s proprietary systems and processes maximize the financial performance and value of any asset, ensure efficiency, and enable hotel teams to deliver an exceptional customer experience to guests. PHM manages the performance of 80 hotels across 23 brands with 9,692 rooms in 17 states. In 2020, PHM was ranked 40th among the top hotel management companies in the hospitality industry. For more information, visit www.peachtreehotelgroup.com and follow them on LinkedIn.
About Verakin Capital
Verakin Capital creates the collaborative way to come together, pool resources, reduce risks and increase networks. They are equally dedicated to creating wealth as well as building relationships with like-minded professionals. Above all, they are committed to integrity, professionalism and long-term wealth building for their investors. For more information, visit www.verakincapital.com.
