Peachtree Group has acquired the AC Hotel by Marriott in Park City, Utah.
Located at 6609 North Landmark Drive, the 100-room hotel is a 5-minute drive to Canyons Ski Resort and Utah Olympic Park, with amenities including an indoor pool and a gym.
The purchase is Peachtree’s sixth this year, with the Atlanta-based investment management firm having already acquired the 128-room Residence Inn by Marriott in Wesley Chapel, Florida; 114-room Residence Inn by Marriott in Oakhurst, New Jersey; 146-room Home2 Suites by Hilton in Falls Church, Virginia; 130-room Home2 Suites by Hilton in Lawrenceville, Georgia; and 180-room Hilton Garden Inn in Denver.
Peachtree’s hospitality management division operates all of the properties. The company’s hospitality management division currently manages 93 hotels across 26 states.
What they said
Greg Friedman, managing principal and CEO of Peachtree said: “Our team has successfully acquired a number of hotel properties at below-market prices, taking advantage of the current slowdown in transactions due to high interest rates, tighter lending conditions, economic and geopolitical uncertainty. As the market rebalances, we are well-positioned with a diverse platform and a proven track record of execution that will allow us to continue our momentum and seize on attractive opportunities in the months ahead.”