We are pleased to announce that Argosy Real Estate Partners, in partnership with Peachtree Group and Blackridge Group, has acquired an approximately five-acre Opportunity Zone site for the development of a 136-room, premium-branded, select-service Hampton by Hilton hotel in Kahului, HI, on the island of Maui.
The project began construction in the first quarter of 2023 and is scheduled to be delivered in early 2025 and will feature ocean views, meeting space, a fitness center, and a pool. The partnership will pursue a LEED green building certification. The investment was made alongside Peachtree Group, an investment firm that acquires and develops premium-branded, select-service and extended-stay hotels throughout the U.S. and Blackridge Group, a privately-owned hotel development company. For more information, please contact Rick Firmine at rfirmine@argosyrep.com
ARGOSY REAL ESTATE PARTNERS Argosy Real Estate Partners ("AREP") specializes in opportunistic, value-add, core-plus and Opportunity Zone strategies in the lower middle market. Through joint venture structures, AREP invests in joint ventures with operating partners who possess substantial market knowledge and a demonstrated track record. AREP currently has approximately $3.0 billion of real estate assets under management(1). AREP manages capital on behalf of institutional investors, family offices and high net worth individuals. For more information on Argosy Real Estate Partners, please visit www.argosyrep.com. (1) Includes $2.8 billion of gross assets where AREP holds controlling interests and $197.1 million of unfunded equity commitments as of Q1 2023.