LOS ANGELES — Patrick Short, president of Peachtree Hospitality Management, said his team is dialing in on a more specific growth strategy for the company.
Growth for third-party management company Peachtree Hospitality Management, an affiliate of Peachtree Group, will specifically focus on collaboration with long-term partners, he said during a video interview with Hotel News Now at the 2023 Americas Lodging Investment Summit.
"We're not looking for necessarily a one-off owner or one hotel but somebody that we could grow with," he said. "That includes, as they grow their portfolio, we can invest with them, we can invest alongside of them or we can bring them into some of our deals."
A recent long-term partnership deal that PHM executed is with Georgia-based management and development firm HOS Management. Through this deal, PHM will operate nine of HOS' hotels.
The nine hotels include: Hilton Garden Inn Savannah Midtown in Savannah, Georgia; Hampton Inn & Suites Savannah Midtown in Savannah; Home2 Suites by Hilton Baton Rouge Citiplace in Baton Rouge, Louisiana; Four Points by Sheraton Brunswick in Brunswick, Georgia; Cambria Hotel Savannah Downtown Historic District; Home2 Suites by Hilton Flower Mound in Flower Mound, Texas; Hampton Inn & Suites by Hilton in Brunswick, Georgia; Courtyard by Marriott in Brunswick; and Holiday Inn Express in St. Augustine, Florida.
In a news release announcing the partnership, Short said that 25% of PHM's portfolio is third-party-managed, and the company is committed to protecting the value of assets as well as driving bottom-line results for its partners.
PHM manages a total portfolio of 87 hotels across 25 brands in 22 states.
"HOS, is, like a lot of companies out there, they've done a great job over the years to grow their portfolio. But at 10 to 15 hotels, it's very difficult to scale. With the expertise and the people we have in our company, we provide them the opportunities so they can ... continue to invest, continue to develop new properties and yet they have an extension of our team on their team," he said. "They had the opportunity now in the last few months to acquire three properties, to open two properties and we were there to be the operator for them."
Short said PHM is in the works of an additional partnership with a hospitality group in Texas that has existing hotels "but a lot of hotels under development," he said.
"We're already working on a pre-opening basis to help them. We're excited that we're going to partner with another group that, again, is starting to grow and that we can grow together," he added.
For more from HNN's conversation with Patrick Short, watch the video above.