ATLANTA--(BUSINESS WIRE)--Peachtree Hospitality Management ("PHM") has entered into agreements with TEKMAK Development Company (“TEKMAK”), a full-service hospitality development company, to provide third-party management services for a portion of its hotel portfolio. PHM will assume operations of the SpringHill Suites Dallas Rockwall on Aug. 1, 2023, and is slated to manage two under-construction hotels, a dual-branded TownePlace Suites by Marriott and Fairfield by Marriott in Paris, Texas, and a TownePlace Suites by Marriott in Forney, Texas.
"This is the second long-term management agreement we’ve entered into already in 2023, and we will continue to seek best-in-class partners like TEKMAK as we pursue our own third-party management growth goals," said Patrick Short, PHM's president. "Our third-party operated portfolio continues to expand, currently accounting for nearly a third of our entire managed portfolio, and we expect to continue growing our third-party portfolio moving forward, ultimately surpassing our owned hotels."
A division of Peachtree Group, PHM operates premium-branded, limited-, select- and compact full-service hotels primarily in the upper-midscale and upscale segments. Today, the company manages 92 hotels across 28 brands with 11,186 rooms in 22 states. These three TEKMAK hotels increase PHM's third-party operations to 34 hotels.
"I first became familiar with the Peachtree team when they acquired our Hilton Garden Inn hotel in 2021. I am impressed with all aspects of this company, particularly their management division," said Thomas Kirkland, CEO, TEKMAK. "It quickly became clear that their culture and resources meshed well with our own, making this relationship a perfect fit for both. We continue to be impressed by their enthusiasm for TEKMAK, and we look forward to future opportunities together."
About Peachtree Hospitality Management
Peachtree Hospitality Management, an affiliate of Peachtree Group, is a hotel management company that creates loyalty across all stakeholders – team members, guests and owners. PHM’s proprietary systems and processes maximize financial performance and value of every asset, deliver efficiencies and enable hotel teams to provide guests with an uncommon customer experience. PHM manages the performance of 92 hotels across 28 brands with 11,186 rooms located in 22 states. For more information, visit www.peachtreegroup.com.
About Peachtree Group
Peachtree is a private equity investment, asset and fund management firm focusing on opportunistically deploying capital across its distinct operating and real estate divisions, including hospitality, commercial real estate lending, residential development, capital markets and media. Since its founding in 2008, the company has completed hundreds of real estate investments valued at more than $8.2 billion in total market capitalization and currently has more than $2.5 billion in equity under management. For more information, visit www.peachtreegroup.com.
About TEKMAK Development Company
TEKMAK Development Company is a full-service hospitality development company with a national reputation for delivering proven results. Since 1998, TEKMAK has developed such major hotel brands as Hyatt Place®, Courtyard by Marriott®, Springhill Suites by Marriott®, TownePlace Suites by Marriott®, Hilton Garden Inn®, Staybridge Suites® and Best Western Premier®. Beginning with careful site selection, TEKMAK seeks to identify appropriate franchises and brands that best serve the needs of the markets in which properties are located. The company’s development team selects design professionals that add a unique and distinctive custom touch which sets its hotels apart from the norm and connects them with the local community. For additional information on the company, please visit https://www.tekmakdevelopment.com/.
