PEG Cos. has purchased a nine-property portfolio of hotels across select U.S. markets.
Financial terms were not disclosed.
PEG anticipates operating each of the properties as hotels and ultimately converting them into quality class B multifamily communities when the highest and best use of the property is no longer as a hotel.
The nine hotels, built between 1984 and 1997, stand in Ann Arbor, Mich.; Atlanta; Boston; Dallas; Jacksonville, Fla.; Ocean City, N.J.; Philadelphia; Princeton, N.J.; and Vancouver, Wash. With the majority of them originally built as Residence Inn by Marriott extended-stay hotels, the properties lend themselves to efficient and cost-effective conversions.
“Because, by nature, most extended-stay hotels already possess the critical features for comfortable apartment living — private entrances, full kitchens, convenient amenity packages — these types of acquisitions are ideal for our hotel-to-apartment conversion process,” expl
