Peachtree Hotel Group announced the acquisition of the 176-room Canopy by Hilton Atlanta Midtown hotel in Atlanta, Georgia. Peachtree Hospitality Management, a division of Peachtree, will operate the properties.
The 15-story lifestyle hotel that opened in 2018 is located in Midtown Atlanta, one of the region's defining urban districts, combining the largest concentration of arts and cultural attractions and businesses in the Southeast.
"Midtown Atlanta is one of the hottest markets in the country right now, and we are excited to be able to make this investment in our backyard," said Brian Waldman, Peachtree's chief investment officer. "The Canopy Atlanta Midtown fits our investment criteria of investing in premium-branded hotels in growing submarkets with strong demand drivers."
The hotel is walkable to the Atlanta Arts MARTA station, Museum of Design Atlanta, Savannah College of Art and Design and the Breman Jewish Heritage Museum, as well as Pershing Point Park, Ansley Park and Piedmont Park. In addition, companies such as NCR, Norfolk Southern, Microsoft, Anthem and Google are some of the high-profile names housed in or moving to Midtown.
"Also, lifestyle hotels, like Canopy, address the growing trend in travel that combines business with leisure. While still offering similarities and predictability across the Hilton brand, no two Canopy properties are alike, appealing to today's discriminating traveler looking for unique experiences," Waldman said.
The terms of the transactions were not disclosed.
Peachtree is a real estate private equity investment firm investing primarily in hospitality. Since its founding in 2008, the company has completed hundreds of real estate investments valued at more than $6.9 billion in total market capitalization, and currently has $2.2 billion in equity under management.