Peachtree Group inició una recapitalización de 59,0 millones de dólares del AC Hotel y Element San Antonio Riverwalk de 343 habitaciones de doble marca. El pagaré a tasa variable tiene un plazo de 36 meses con dos prórrogas de 12 meses. Los patrocinadores, Winston Hospitality y Concord Hospitality Enterprises, compraron las antiguas torres de oficinas, Riverview Towers, en diciembre de 2019 y pasaron dos años y medio sometiéndose a una renovación multifásica y adaptativa para reutilizarlas para transformarlas en hoteles de doble marca, que se inauguró en 2022.
Ubicados junto al famoso Riverwalk de San Antonio, la atracción #1 de Texas, los hoteles se benefician del sólido mercado turístico de la ciudad, que atrae a más de 39 millones de visitantes al año, y de su estatus como la tercera ciudad de más rápido crecimiento en los EE. UU., con un aumento de población del 3,8% entre 2020 y 2022. Siguen siendo los hoteles más nuevos de su sector competitivo.
El AC Hotel and Element son los primeros hoteles nuevos de la marca Marriott en el distrito histórico de Riverwalk desde 2011, y se destacan en un mercado céntrico donde las ofertas de estadías prolongadas son predominantemente de la marca Hilton. Como propiedades premium de Marriott, se benefician del acceso al programa de fidelización Marriott Bonvoy, el programa de fidelización de viajes más grande del mundo, que cuenta con más de 200 millones de miembros y sigue creciendo.
2023 was a year marred by obstacles for borrowing across commercial real estate, particularly after a widespread crisis shook regional banks that are historically the biggest lenders in the space. Peachtree CEO Greg Friedman spoke with Hotel News Now about his prediction for 2024.
Insights Into the Lending Environment From Peachtree's Greg Friedman (costar.com)
ATLANTA (Feb. 2, 2024) – Peachtree Group announced the company originated a $34.5 million loan for the acquisition and renovation of a 312-unit multifamily property in Gainesville, Fla., on behalf of Coastline Management Groups (Coastline), a Hollywood, Fla. based service-oriented real estate management company. The property, Pavilion on 62nd, is a 25-building, 312-unit multifamily used previously for student housing.
The Peachtree Group team originated the floating-rate bridge loan over a three-year term, representing 61% of the stabilized appraised value.
The multifamily property contains 31.74 acres and features two-, three- and four-bedroom units with onsite property management, two clubhouses, two swimming pools, workstation cubicles, a game room, a media room, rentable event room, a gym, indoor racquetball and half-court basketball, sand volleyball court, dog park and package receiving center.
Coastline will use approximately $5.0 million of the bridge loan proceeds to renovate unit interiors, convert four-bedroom units to three-bedroom units, expand the onsite amenities and complete deferred maintenance on exterior and common areas.
Peachtree Group is an investment firm driving growth with a diverse portfolio of commercial real estate assets and other ventures. We’ve executed hundreds of investments since inception with a focus on real estate acquisition, development, and lending. Today, we manage billions in equity, augmented by services designed to protect, support, and grow our investments.
Doradus Partners has nabbed $41 million of bridge financing to refinance a Hilton-branded Charlotte hotel property, Commercial Observer has learned.
Peachtree Group, formerly Stonehill, provided the floating-rate loan on Doradus’ 181-room Home2 Suites by Hilton Charlotte Uptown. Click here to read more.
