Peachtree Hotel Group Acquires Two Hotels in California in Partnership with Verakin Capital

Atlanta – (work wire) – The Peachtree Hotel Group (“Peachtree”), in its first joint venture partnership with Verakin Capital (“Verakin”), announces the acquisition of the 81-key Hampton Inn & Suites, as well as the 60-key La Bellasera Hotel & Suites , in Paso Robles, California. Peachtree Hospitality Management (“PHM”), a division of Peachtree, will operate the properties.

Developed in 2003 and 2007, respectively, the Hampton Inn & Suites and La Bellasera Hotel & Suites are located at 206-212 Alexa Court in Paso Robles, which is in the heart of the state’s central coast and in close proximity to more than 40,000 acres of vineyards and 200 wineries. Additionally, the city is home to olive oil production, natural hot springs, and a central hub for regional events, including equestrian competitions and art and cultural festivals. Paso Robles attracts visitors from all over the world, with nearly two million tourists visiting it annually.

“These properties fit our investment criteria for investing in premium brand hotels in growing markets with strong drivers of demand,” said Brian Waldman, executive vice president of Peachtree. “This also demonstrates our team’s ability to find attractive opportunities that offer great potential for height.”

“This acquisition marks the beginning of our long-term strategic partnership with the Peachtree Hotel Group and Peachtree Hospitality Management. With investment criteria aligned with each other, we are able to work together to expand our footprint across the country,” said Rupesh Patel, partner at Viraken Capital.

Peachtree will improve the competitive position of La Bellasera Hotel & Suites by transferring to Tapestry Collection by Hilton.

Tapestry Collection by Hilton is a high-end lifestyle brand that will allow the hotel to take advantage of Hilton’s GDS and Hilton Honors program while maintaining distinctive design characteristics, allowing the hotel to earn higher average daily rate premiums.

“We are seeing growth in lifestyle hotels, which are tackling the growing trend of business and leisure travel,” said Greg Friedman, CEO of Peachtree. “While still offering similarities and predictability across the Hilton brand, no two hotels are alike in the Tapestry Collection, which appeals to today’s select travelers looking for unique experiences.”

The scope of the conversion will include complete rebranding to conform to brand standards, including signage replacement, upgrades to common spaces, meeting space, food and beverage outlets, guest amenities and guestrooms.

The Hampton Inn & Suites will also undergo a renovation throughout the property, making it one of the most recently renovated properties in the area.

Transaction terms are not disclosed.

About the Peachtree Hotel Group

Peachtree is a real estate private equity investment firm that primarily invests in hospitality. Since its founding in 2008, the company has completed hundreds of real estate investments valued at more than $5 billion in total market capitalization, and currently has $1.9 billion in equity under management. 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 among all stakeholders – team members, guests and owners. PHM’s proprietary systems and processes maximize the financial performance and value of each asset, deliver efficiencies and enable hotel teams to provide guests with an unparalleled customer experience. PHM manages the performance of 80 hotels across 23 brands with 9,692 rooms located in 17 states. In 2020, PHM ranked No. 40 in Hotel Business’ Best Hotel Management Companies. For more information, visit www.peachtreehotelgroup.com and follow them on LinkedIn.

About Veraken Capital

Verakin Capital creates the collaborative way to work together, pool resources, mitigate risks and multiply networks. They are as dedicated to growing wealth as they are to building relationships with like-minded professionals. Above all, they are committed to integrity, professionalism and building long-term wealth for their investors. For more information, visit www.verakincapital.com.

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