Argosy Real Estate Partners IV and its parallel funds, in partnership with PEG Development, has acquired a five-property, 617-room, select-service hotel portfolio.
The portfolio consists of four Residence Inn by Marriott hotels located in Atlanta; Boulder, Colo.; Dallas; and Philadelphia; and a Springhill Suites by Marriott hotel located in Fort Worth, Texas. The all-in cost basis for the portfolio represented a significant discount to replacement cost.
The Residence Inn properties have all recently undergone major guestroom and lobby renovations.
The SpringHill Suites was built in 2004 and is a four-story, 144-key, select-service hotel featuring primarily 400-square-foot executive-style studio suites.
PEG is an experienced Salt Lake City–based hospitality developer and manager, with both residential and hotel development and operations expertise. PEG has developed or managed 28 hotels, 16 of which are Marriott branded, and is currently managing or unde
