The Hilton Garden Inn West Lafayette Wabash Landing has been acquired by Atlanta-based Peachtree Hotel Group. The West Lafayette hotel is part of a seven-hotel acquisition valued at $135 million.
The acquisition totals 829 rooms and includes six Hilton hotels and one Marriott hotel. Peachtree says all hotels will be operated by its hospitality management division.
“These acquisitions are complementary to our existing portfolio of high-quality, well-located assets with strong demand generators,” said Brian Waldman, Peachtree’s executive vice president of investments. “We experienced an uptick during the second half of 2021 for hotel acquisition opportunities, and these seven properties are a continuation of our strategy to benefit from the ongoing recovery in hospitality. The hospitality industry is in a sustained recovery cycle, which is boosting hotel fundamentals. We continue to believe hotels, which are an effective inflation-hedging investment, will remain among the strongest real estate sectors for investing.”
In addition to the 104-room Hilton Garden Inn West Lafayette Wabash Landing, the acquired properties include:
- 228-room dual-flag hotel – 120-room Hilton Garden Inn Phoenix Tempe, University Research Park and 108-room Home2 Suites by Hilton Phoenix Tempe, University Research Park in Tempe, Arizona, which were built in 2017.
- 137-room Aloft Hillsboro-Beaverton in Hillsboro, Oregon, which was built in 2017
- 121-room Hilton Garden Inn Casper in Casper, Wyoming, which was built in 2008.
- 120-room Home2 Suites by Hilton Eugene Downtown University Area in Eugene, Oregon, which was built in 2016
- 119-room Home2 Suites by Hilton Pittsburgh/McCandless in Pittsburgh, Pennsylvania, which was built in 2013.
“We are excited to add these hotels to our portfolio, furthering our growth and footprint across the country,” said Patrick Short, president of Peachtree Hospitality Management. “These hotels offer exceptional operational value-add opportunities for potentially decreased expenses and increased efficiencies with our property management takeover.”
Peachtree says the acquisitions bring its total managed hotels to more than 80 throughout 18 states.