As the hospitality industry felt the weight of COVID-19 impacts last year, PEG Companies’ extended-stay conversion strategy began to gain attention. And recently, PEG acquired its 14th extended stay hotel for conversion into class-B apartments.
The Habitat Suites Austin joins PEG Companies' growing U.S. portfolio of hotel converted to apartments. This Austin location at 500 E. Highland Mall Blvd. is the third acquisition within the new fund, following in the footsteps of an earlier fund which has 11 extended stay hotel acquisitions.
By summer, PEG will have completed a full renovation of the property, leveraging the floorplans for multifamily while adding additional updates and amenities. The property remains on track for an early summer delivery.
“We have been at this since 2018, and we are very selective in which hotels we acquire,” says Cameron Gunter, chief executive officer of PEG. “We are confident that by remaining disciplined in our approach, we will build a strong portfolio of class-B multifamily housing units across the country.”
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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