The Hilton Garden Inn in Tupelo has been sold to Peachtree Hotel Group of Atlanta.
The 154-room hotel in the Fairpark District near downtown Tupelo was owned by Master Hospitality of Memphis.
The hotel opened in November 2006 with 110 rooms. Within six months, Master Hospitality owner Tom Ricketts announced an expansion of the hotel. The expansion was complete in 2008.
Peachtree owns or manages some 40 hotels across the country. In the undisclosed purchase agreement with Master Hospitality, the company said Ricketts will “retain a role as asset manager.”
HREC Investment Advisors represented Ricketts and Master Hospitality
Peachtree will take over management of the hotel.
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.”