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CoStar Impact Awards: In this California city, a former parking lot is now a trendy Marriott hotel
Featured on CoStar: Commercial development of the year for Sacramento
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ATLANTA and DALLAS (Oct. 3, 2024) – Peachtree Group (“Peachtree”) celebrated the groundbreaking of a new 19-story, dual-branded hotel development featuring the award-winning Marriott brands, AC Hotel and Moxy Hotel, in the heart of Uptown Dallas. The development will bring 264 upscale rooms, modern amenities and unique lifestyle offerings to the bustling McKinney Avenue corridor. The much-anticipated project promises to elevate the city's hospitality scene and is expected to open in Summer 2026
The property will offer an unmatched blend of comfort, style and convenience, featuring 110 rooms for the AC Hotel and 154 rooms for the Moxy Hotel, providing guests with distinct yet complementary experiences that will be positioned competitively with the premium hotels in the Uptown market.
“Most hotels in Uptown cater to the upper-upscale and luxury segments, leaving the submarket lacking in upscale hotel options to meet the needs of a substantial portion of Uptown's demand,” said Greg Friedman, managing principal and CEO of Peachtree. “Uptown represents one of the highest income and most desirable submarkets within the Dallas market. The dual-branded hotel will be situated in a premier location within the neighborhood, half a block from much of the area’s restaurants, bars and entertainment and easily accessible to numerous corporate demand drivers.”
With its modern design, state-of-the-art amenities and prime location in Uptown Dallas, the hotels are set to become a preferred destination for both business and leisure travelers. Positioned against the vibrant Dallas urban landscape, this dual-branded development will redefine upscale hotel accommodations, attracting visitors and fostering community engagement.
The signature Moxy Bar and Restaurant will greet guests at street level, setting the tone for a fun and energetic atmosphere. An exclusive highlight of the property will be the custom-branded bar and lounge located on the 8th floor, to feature an elevated amenity deck with an outdoor terrace, water features and breathtaking views of Dallas.
"The elevated amenity deck and custom-branded bar will create a unique destination within Uptown Dallas, driving demand from both hotel guests and locals alike," Friedman said. "This dual-branded property is designed to offer a dynamic experience that will stand out in the city’s competitive hospitality market."
Further enhancing the guest experience, the property will include a state-of-the-art fitness center, perfect for active travelers. The property also will boast a 261-stall onsite parking garage, conveniently accommodating hotel guests and visitors to McKinney Avenue’s nearby restaurants and nightlife venues.
About Peachtree Group
Peachtree Group is a vertically integrated investment management firm specializing in identifying and capitalizing on opportunities in dislocated markets, anchored by commercial real estate. Today, the company manages billions in capital across acquisitions, development and lending, augmented by services designed to protect, support and grow its investments. For more information, visit www.peachtreegroup.com.
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Commercial development of the year for Sacramento
"Five years ago, the land now labeled as 905 Seventh St. in Sacramento, California, was nothing more than a parking lot for light rail commuters. Today, it's home to the city's newest major hotel.
The AC Hotel Sacramento opened in March 2024 after its construction began in January 2022. Downtown Sacramento has been in desperate need of more hotel rooms, and the AC Hotel's arrival helped fill that demand, economic leaders in California's capital city said.
The hotel sits in an opportunity zone, which is land that developers are given extra tax incentives from the federal government to revitalize."
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Peachtree Group Surpasses $2 Billion in Hotel Developments
Peachtree Group announced that the firm surpassed $2 billion in hotel development, bringing its total development portfolio to 48 hotels nationwide.
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ATLANTA (Feb. 3, 2025) – Peachtree Group (“Peachtree”) announced that the firm surpassed $2 billion in hotel development, bringing its total development portfolio to 48 hotels nationwide.
Peachtree's development journey began 17 years ago with a $10 million Fairfield Inn project in Alabama, establishing its expertise in hotel development with a focus on suburban, highway and tertiary markets across the Southeast and Midwest.
Today, Peachtree has expanded its reach, solidifying its leadership in hospitality development with projects not only in its traditional markets but also in urban infill locations nationwide. Recent milestones include topping out a beachfront hotel in Gulf Shores, Alabama and breaking ground on a dual-branded project in Uptown Dallas, Texas.
"Our early projects taught us how to build efficiently and effectively, setting the stage for the more complex and impactful developments we're delivering today," said Greg Friedman, managing principal and CEO for Peachtree. "From suburban mainstays to urban landmarks, our team's adaptability and expertise have been the cornerstone of our success."
Showcasing its versatility, Peachtree leverages an experienced underwriting and project management platform to strategically expand its footprint into larger urban infill markets nationwide, collaborating with local development partners and pursuing larger investments.
Recent and ongoing projects include:
- Embassy Suites, Gulf Shores, Alabama: This beachfront hotel, the largest in the area, recently topped out and is set to open in summer 2025.
- AC and Moxy Hotel, Uptown Dallas: This 264-room, dual-branded Marriott-branded development broke ground in August 2024 and represents a milestone in urban hospitality development.
- Tru by Hilton, Huntsville, Alabama: a modern 98-room hotel designed for comfort and convenience, scheduled to open in the fourth quarter of 2025.
These projects and others under construction span the country and highlight Peachtree's ability to execute across a broad spectrum of hospitality asset types, from limited-service properties to high-rise, amenity-rich hotels. Peachtree has been a strong advocate of the Qualified Opportunity Zone (QOZ) program since its inception, strategically allocating capital to drive economic development and to meet the program’s objective of fostering revitalization and growth in underserved communities. Recent examples of Peachtree's success in QOZ developments include:
- AC Hotel by Marriott, Sacramento, California: This hotel transformed an underperforming surface parking lot into a signature downtown hotel and was recently awarded one of the city's Best Real Estate Projects for 2024.
- Residence Inn by Marriott, San Antonio, Texas: Succeeding an older-generation property, the hotel taking advantage of a premier location near strong demand drivers in a diverse and growing market.
- The Hampton Inn & Suites Maui, Kahului, Hawaii: A 136-room beachfront property and Kahului’s only branded hotel. Positioned to capture demand from both the cruise ports and the primary airport, it is set to open by the end of March.
The firm has been one of the most active hotel developers in QOZs, having already opened 10 hotels, with another five under construction and three in the pipeline in these designated areas.
“Hotels are more than just buildings; they are drivers of economic opportunity, creating local jobs and providing paths to meaningful careers in hospitality. By investing in underserved hospitality markets, we aim to support the growth of neighborhoods and contribute to their development,” Friedman said.
While Peachtree remains committed to its core expertise in suburban, limited-service hotels—exemplified by the Homewood Suites by Hilton project in Louisville, Kentucky—it has also embraced larger, more complex developments in primary markets. These projects reflect Peachtree’s commitment to diversifying its portfolio and creating long-term value.
"Our development strategy is about identifying opportunities where we can leverage our learned expertise and push the boundaries of what we can achieve," Friedman said. "Whether it's suburban efficiency, urban complexity or transformative Opportunity Zone developments, our team continues to deliver exceptional results for our stakeholders."
With a proven track record and a forward-looking approach, Peachtree is poised to continue leading the way in hospitality development. The firm's ability to balance efficiency, innovation and social impact ensures it remains well positioned to meet the evolving demands of the market.
About Peachtree Group
Peachtree Group is a vertically integrated investment management firm specializing in identifying and capitalizing on opportunities in dislocated markets, anchored by commercial real estate. Today, the company manages billions in capital across acquisitions, development and lending, augmented by services designed to protect, support and grow its investments. For more information, visit www.peachtreegroup.com.
Peachtree Group Breaks Ground on Residence Inn by Marriott in San Antonio, Texas
Peachtree Group celebrated the groundbreaking of a new 171-room studio-suite Residence Inn by Marriott in downtown San Antonio, Texas, near the Riverwalk, set to open in the second quarter of 2026.
ATLANTA and SAN ANTONIO (Nov. 15, 2024)– Peachtree Group ("Peachtree") celebrated the groundbreaking of a new 171-room studio-suite Residence Inn by Marriott in downtown San Antonio,Texas, near the Riverwalk, set to open in the second quarter of 2026. This development brings an upscale, extended-stay option to the vibrant San Antonio market, offering visitors a combination of comfort, modern amenities and prime access to local attractions.
The new Residence Inn will succeed an older-generation property downtown, taking advantage of a premier location near strong demand drivers, including the leisure appeal of the Riverwalk, educational activity from the expanding University of Texas at San Antonio and corporate and government demand from surrounding office buildings. With this positioning, the hotel aims to meet a range of accommodation needs in San Antonio's dynamic market.
"San Antonio is a unique market with a growing need for extended-stay hotels," said Greg Friedman, managing principal and CEO of Peachtree. "The Residence Inn will cater to the diverse demand drivers of San Antonio, including its thriving tourism sector and extensive corporate presence. Positioned within easy reach of the city's popular attractions, restaurants and business hubs, this hotel will provide guests with a prime location for both work and leisure."
Strategically located within a Qualified Opportunity Zone (QOZ), this project under scores Peachtree's commitment to fostering revitalization and growth in underserved communities. The firm has been one of the more active hotel developers in QOZs, having already opened nine hotels, with another five under construction, including the new Residence Inn, in these designated areas.
“By building within a QOZ, Peachtree's Residence Inn will create lasting economic impacts, from job creation in construction and operations to sparking further interest in nearby retail, dining and entertainment—vital elements for a thriving downtown community," Friedman said. “We are optimistic that Washington, D.C., will recognize the QOZ's impact on job creation and economic activity within these zones and will extend the program, enabling us and other developers to deliver new commercial real estate projects across the U.S.”
Merritt Development Group, an Austin, Texas-based hotel development company, will be responsible for constructing the Residence Inn, which will feature a modern design focused on spacious, home-like amenities, including fully equipped kitchens, separate living areas and workspaces in each suite, accommodating the evolving needs of today's extended-stay travelers and enhancing the hotel’s appeal to business professionals, families and long-term guests seeking comfort and convenience.
An expansive onsite fitness center and outdoor gathering space will further elevate the guest experience, offering a place for relaxation and wellness in a bustling city environment. Additionally, the hotel will provide flexible meeting space to cater to the needs of business guests, making it an attractive venue for corporate gatherings and social events. The hotel will feature a Caribou Coffee, providing an upscale coffee experience for both hotel guests and locals.
"The new Residence Inn will provide guests with a dynamic extended-stay experience uniquely suited to San Antonio's market," Friedman added."Peachtree's commitment to thoughtful development is evident in every aspect of this property, from its modern amenities to its prime location, ensuring it will be a valued addition to the city."
This development marks another milestone for Peachtree in Texas as the firm continues to expand its footprint in key markets nationwide. In October, Peachtree celebrated the groundbreaking of a new 19-story, dual-branded hotel development featuring Marriott brands AC Hotel and Moxy Hotel in Uptown Dallas, Texas. The hotel development will bring 264 upscale rooms, modern amenities and unique lifestyle offerings to the bustling McKinney Avenue corridor. The much-anticipated project promises to elevate the city's hospitality scene and is expected to open in summer 2026. In addition to these two projects, Peachtree currently has nine projects under construction across the U.S., including five in QOZs.
About Peachtree Group
Peachtree Group is avertically integrated investment management firm specializing in identifying and capitalizing on opportunities in dislocated markets, anchored by commercial real estate. Today, the company manages billions in capital across acquisitions, development and lending, augmented by services designed to protect, support and grow its investments. For more information, visit www.peachtreegroup.com.