March 15, 2023
Peachtree Hospitality Management has entered into agreements with TEKMAK Development Company, a full-service hospitality development company, to provide third-party management services for a portion of its hotel portfolio. PHM will assume operations of the SpringHill Suites Dallas Rockwall on Aug. 1, 2023, and is slated to manage two under-construction hotels, a dual-branded TownePlace Suites by Marriott and Fairfield by Marriott in Paris, Texas, and a TownePlace Suites by Marriott in Forney, Texas.
“This is the second long-term management agreement we’ve entered into already in 2023, and we will continue to seek best-in-class partners like TEKMAK as we pursue our own third-party management growth goals,” said Patrick Short, PHM’s president. “Our third-party operated portfolio continues to expand, currently accounting for nearly a third of our entire managed portfolio, and we expect to continue growing our third-party portfolio moving forward, ultimately surpassing our owned hotels.”
A division of Peachtree Group, PHM operates premium-branded, limited-, select- and compact full-service hotels primarily in the upper-midscale and upscale segments. Today, the company manages 92 hotels across 28 brands with 11,186 rooms in 22 states. These three TEKMAK hotels increase PHM’s third-party operations to 34 hotels.
“I first became familiar with the Peachtree team when they acquired our Hilton Garden Inn hotel in 2021. I am impressed with all aspects of this company, particularly their management division,” said Thomas Kirkland, CEO of TEKMAK. “It quickly became clear that their culture and resources meshed well with our own, making this relationship a perfect fit for both. We continue to be impressed by their enthusiasm for TEKMAK, and we look forward to future opportunities together.”