By Dennis Seid
TUPELO – The Hilton Garden Inn in Tupelo has been sold to Peachtree Hotel Group of Atlanta.
The hotel in the Fairpark District was opened by Master Hospitality of Memphis in November 2006 and represented a $22 million investment
The hotel opened with 110 rooms, but within six months, Master Hospitality owner Tom Ricketts announced an expansion of the hotel. Forty-eight rooms were added, with the work completed in 2008.
HREC Investment Advisors represented Ricketts and Master Hospitality in the deal.
Peachtree owns or manages 40 hotels across the country. In the undisclosed purchase agreement with Master Hospitality, the company said Ricketts will “retain a role as asset manager.”
Peachtree takes over management of the hotel, but additional details were not immediately available.
In a statement, Peachtree CEO Greg Friedman said, “The Hilton Garden Inn Tupelo demonstrates our creativity in structuring an acquisition that fit our real estate investment strategy while allowing the previous owner to participate in future value created by our operating platform. Because they understood the priorities of all parties, HREC was able to help structure a one-of-a-kind deal that met everyone’s objectives.”
Patrick Culligan, the principal of HREC in Memphis said, “This transaction is a testament to the leadership and deal-making strengths of Peachtree and Tom Ricketts. Peachtree was able to acquire a great asset and continue its aggressive acquisition and growth strategy with the help of another industry leader.”