The Strategic Advantage of Special Situations Investing During Market Uncertainty
On Peachtree Point of View, CEO Greg Friedman joins Michael Bernath, SVP of Acquisitions and Dispositions, for a deep dive into how Peachtree navigates special situations investing amid today’s complex commercial real estate landscape.
As interest rates remain elevated and a wall of debt maturities looms over the commercial real estate sector, many owners are facing refinancing challenges, reduced asset values, and tightening liquidity. Michael Bernath explains how these pressures are creating distinct buying opportunities, particularly in the hospitality space, where operational complexity and brand relationships can amplify distress and unlock value for experienced investors.
“The general idea with special situations within CRE is some form of distress within the capital stack,” Bernath explains. But hospitality brings added complexity: “You have the brands involved, and their requirements can add stress to an already challenging situation.”
Bernath highlights how the pandemic forced many hotel owners to divert capital reserves away from maintenance and brand-mandated renovations to cover debt payments. Now, hotel brands are "putting their foot down" and requiring these delayed renovations, creating pressure points for owners who lack the necessary capital.
The conversation reveals Peachtree's multi-faceted approach to special situations. Rather than simply acquiring distressed properties, they stay nimble within the capital stack—providing preferred equity, purchasing debt positions, or structuring creative partnerships depending on the opportunity. Essentially, they tailor each investment to the situation at hand, finding the most effective way to create value across the capital structure—not just by buying assets.
Friedman and Bernath emphasize that success in special situations investing requires deep market knowledge, operational expertise and the ability to identify an asset’s intrinsic value. As Bernath notes, “We ultimately are cementing our exit the day we buy an asset.”
The duo shares a real-world example of this strategy in action: a hotel property in Arizona that Peachtree tracked for two years before acquiring. Their plan includes rebranding the hotel and leveraging their operational expertise in the market to boost performance and unlock long-term value.
For investors questioning whether the complexity of special situations is worth the effort, Bernath offers a clear answer: Peachtree’s vertical integration and experience across multiple market cycles provide a distinct competitive edge. “This isn’t a team just dipping its toe in,” he says. “We’ve now executed this strategy through two full cycles.”
As commercial real estate faces continued market pressures, Peachtree sees the current environment as “very constructive” for its special situations investment strategy—potentially offering attractive risk-adjusted returns for those with the expertise to navigate these complex transactions.
Tune in to the full episode of Peachtree Point of View to gain deeper insights into how experienced investors are finding value in today's challenging commercial real estate landscape and subscribe to catch future episodes on your favorite podcast platform.
What you’ll learn in this episode:
- What defines "special situations investing "in commercial real estate and how they create investment opportunities
- How to evaluate good entry points when investing in distressed assets
- Various investment structures beyond traditional acquisitions (preferred equity, note purchases, etc.)
- How current market conditions are creating a favorable environment for special situation investments

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On Peachtree Point of View, CEO Greg Friedman joins Michael Bernath, SVP of Acquisitions and Dispositions, for a deep dive into how Peachtree navigates special situations investing amid today’s complex commercial real estate landscape.
As interest rates remain elevated and a wall of debt maturities looms over the commercial real estate sector, many owners are facing refinancing challenges, reduced asset values, and tightening liquidity. Michael Bernath explains how these pressures are creating distinct buying opportunities, particularly in the hospitality space, where operational complexity and brand relationships can amplify distress and unlock value for experienced investors.
“The general idea with special situations within CRE is some form of distress within the capital stack,” Bernath explains. But hospitality brings added complexity: “You have the brands involved, and their requirements can add stress to an already challenging situation.”
Bernath highlights how the pandemic forced many hotel owners to divert capital reserves away from maintenance and brand-mandated renovations to cover debt payments. Now, hotel brands are "putting their foot down" and requiring these delayed renovations, creating pressure points for owners who lack the necessary capital.
The conversation reveals Peachtree's multi-faceted approach to special situations. Rather than simply acquiring distressed properties, they stay nimble within the capital stack—providing preferred equity, purchasing debt positions, or structuring creative partnerships depending on the opportunity. Essentially, they tailor each investment to the situation at hand, finding the most effective way to create value across the capital structure—not just by buying assets.
Friedman and Bernath emphasize that success in special situations investing requires deep market knowledge, operational expertise and the ability to identify an asset’s intrinsic value. As Bernath notes, “We ultimately are cementing our exit the day we buy an asset.”
The duo shares a real-world example of this strategy in action: a hotel property in Arizona that Peachtree tracked for two years before acquiring. Their plan includes rebranding the hotel and leveraging their operational expertise in the market to boost performance and unlock long-term value.
For investors questioning whether the complexity of special situations is worth the effort, Bernath offers a clear answer: Peachtree’s vertical integration and experience across multiple market cycles provide a distinct competitive edge. “This isn’t a team just dipping its toe in,” he says. “We’ve now executed this strategy through two full cycles.”
As commercial real estate faces continued market pressures, Peachtree sees the current environment as “very constructive” for its special situations investment strategy—potentially offering attractive risk-adjusted returns for those with the expertise to navigate these complex transactions.
Tune in to the full episode of Peachtree Point of View to gain deeper insights into how experienced investors are finding value in today's challenging commercial real estate landscape and subscribe to catch future episodes on your favorite podcast platform.
What you’ll learn in this episode:
- What defines "special situations investing "in commercial real estate and how they create investment opportunities
- How to evaluate good entry points when investing in distressed assets
- Various investment structures beyond traditional acquisitions (preferred equity, note purchases, etc.)
- How current market conditions are creating a favorable environment for special situation investments


Peachtree Group adquiere el AC Hotel by Marriott en Utah

ATLANTA (26 de septiembre de 2021) — Grupo Peachtree («Peachtree») sigue ganando impulso con su sexto hotel adquisición del año, con la adquisición del AC Hotel by Marriott en Park City (Utah), que puso de relieve las crecientes oportunidades de inversión de capital que están resurgiendo en el sector hotelero.
«Nuestro equipo ha adquirido con éxito una serie de propiedades hoteleras a precios inferiores a los del mercado, aprovechando la actual desaceleración de las transacciones», dijo Greg Friedman, director gerente y director ejecutivo de Peachtree. «Si bien el mercado está más lento de lo habitual debido a las altas tasas de interés, el endurecimiento de las condiciones crediticias y la incertidumbre económica y geopolítica, seguimos manteniéndonos activos, capitalizando las oportunidades únicas que surgen en este entorno, al tiempo que empleamos múltiples estrategias que nos permiten capitalizar la actual dislocación del mercado. Al mantener la paciencia y la estrategia, hemos podido asegurar activos valiosos, mientras que otros adoptan un enfoque más cauteloso».
Las seis adquisiciones, que suman un total de 789 habitaciones, incluyen tres hoteles Hilton y tres hoteles Marriott. Todos los hoteles son operados por La división de gestión hotelera de Peachtree, que actualmente administra 93 hoteles de 27 marcas con 11.837 habitaciones ubicadas en 26 estados.
Las propiedades adquiridas incluyen:
· AC Hotel by Marriott de 100 habitaciones en Park City, Utah
· Residence Inn by Marriott de 128 habitaciones en Wesley Chapel, Florida
· Residence Inn by Marriott de 114 habitaciones en Oakhurst, Nueva Jersey
· Home2Suites by Hilton de 146 habitaciones en Falls Church, Virginia
· Home2Suites by Hilton de 130 habitaciones en Lawrenceville, Georgia.
· Hilton Garden Inn de 180 habitaciones en Denver, Colorado
A medida que el mercado de transacciones se normaliza, Peachtree se mantiene bien posicionada para expandir su portafolio and improve the performance to long plazo.
«Lo que es aún más prometedor es que la brecha entre la oferta y la demanda entre compradores y vendedores está empezando a reducirse, ya que las presiones externas del mercado siguen ejerciendo presión sobre la economía a nivel inmobiliario. Teniendo en cuenta estos factores, anticipamos un aumento de la actividad transaccional en los últimos meses de 2024 y en 2025» — Greg Friedman, director general y director ejecutivo de Peachtree Group
Los propietarios con vencimientos inminentes están cada vez más motivados para vender en lugar de enfrentarse a costosas refinanciaciones, lo que crea oportunidades para los compradores bien capitalizados.
«A medida que el mercado se reequilibra, estamos bien posicionados con una plataforma diversa y un historial comprobado de ejecución que nos permitirá mantener nuestro impulso y aprovechar oportunidades atractivas en los próximos meses», añadió Friedman.
Acerca de Peachtree Group
Peachtree Group es una firma de gestión de inversiones integrada verticalmente que se especializa en identificar y capitalizar oportunidades en mercados dislocados, respaldados por bienes raíces comerciales. En la actualidad, la empresa gestiona miles de millones de dólares en capital a través de adquisiciones, promociones y préstamos, además de servicios diseñados para proteger, respaldar y hacer crecer sus inversiones. Para obtener más información, visite www.peachtreegroup.com.