Real estate private equity investment firm Peachtree Hotel Group has completed the acquisition of two Marriott-branded lifestyle hotels in Florida, US.
The properties are the AC Hotel Miami Aventura and the Aloft Miami Aventura, in Aventura, Florida.
The AC Hotel Miami Aventura, which is located at 20805 Biscayne Blvd, features 207 rooms and opened in 2017.
The Aloft Miami Aventura on NE 207th Street opened in 2018 and has 233 rooms.
Both these hotels are located close to the Aventura Mall, the Aventura Arts & Cultural Center and the Aventura Hospital & Medical Center.
Financial terms of the transaction are not disclosed.
The two hotels will be operated by Peachtree Hospitality Management (PHM) division.
Peachtree CEO said Greg Friedman said: “Our growth strategy since Peachtree’s inception is to capitalise on cycle-specific opportunities. Today, we are seeing opportunities to acquire hotels at compelling levels, which hasn’t been available over the last 15 months.
“With strengthening economic tailwinds boosting hotel fundamentals and compelling cap rates compared to other asset classes, the lodging sector is among the best real estate classes for investing. Also, with the ongoing inflationary environment, hotels are an excellent hedge against inflation due to daily adjustments in average daily rates.”
The deal comes just a few weeks after Peachtree purchased the 81-room Hampton Inn & Suites and the 60-room La Bellasera Hotel & Suites in Paso Robles, California.
The company has bought hotel assets worth approximately $2.0bn this year.
In June this year, Peachtree opened the dual-flag Hilton Garden Inn Orlando Downtown and Home2 Suites by Hilton Orlando Downtown in Florida, the US.