Masters of Moments
Lessons from completing hundreds of RE transactions valued at over $8 billion - Greg Friedman - CEO of Peachtree Hotel Group
Sep 13, 2023
Greg Friedman, CEO of Peachtree Hotel Group, discusses building Peachtree, the appeal of hospitality as an asset class, vertical integration, making money buying debt, learnings from previous cycles, managing reputation in a debt environment, the importance of managing P&L, holding investment committee meetings on Fridays, touring assets, and investment trends in the hospitality industry.
56:37
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Quick takeaways
- Peachtree Hospitality transitioned from a family office to an institutional private equity firm, emphasizing structured processes and weekly investment committee meetings.
- Peachtree Hospitality prioritizes executing renovation plans to minimize future capital expenditures and underwrites projects with a renovation strategy in mind.
Deep dives
From Family Office to Institutional Firm
Greg Friedman recounts the transition of Peachtree Hospitality from a family office to an institutional private equity firm. The process involved shifting the organization's mindset, bringing in new talent, and implementing more structured processes. While maintaining some nimbleness, the firm now operates with a weekly investment committee meeting on Fridays. The focus has shifted to acquiring core and core-plus assets, taking advantage of limited competition and offering opportunistic returns. Looking ahead, Peachtree sees potential opportunities in distressed assets and is exploring the lower-tier extended stay segment.
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