ATLANTA & SAN ANTONIO--(BUSINESS WIRE)--Nov 18, 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.
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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. (Photo: Business Wire)
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 underscores 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 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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CONTACT: Charles Talbert
678-823-7683
KEYWORD: UNITED STATES NORTH AMERICA TEXAS GEORGIA
INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY WOMEN MEN BUILDING SYSTEMS OTHER TRAVEL CONSUMER LODGING OTHER CONSTRUCTION & PROPERTY TRAVEL
SOURCE: Peachtree Group
Copyright Business Wire 2024.
PUB: 11/18/2024 08:55 AM/DISC: 11/18/2024 08:55 AM
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