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As the hospitality field felt the pounds of COVID-19 impacts past calendar year, PEG Companies’ extended-stay conversion technique began to attain focus. And a short while ago, PEG obtained its 14th prolonged continue to be lodge for conversion into class-B residences.

The Habitat Suites Austin joins PEG Companies’ developing U.S. portfolio of lodge transformed to apartments. This Austin spot at 500 E. Highland Shopping mall Blvd. is the 3rd acquisition inside the new fund, adhering to in the footsteps of an earlier fund which has 11 extended continue to be lodge acquisitions.

By summer time, PEG will have finished a complete renovation of the house, leveraging the floorplans for multifamily even though adding added updates and features. The home remains on observe for an early summer months supply.

“We have been at this considering that 2018, and we are pretty selective in which motels we get,” says Cameron Gunter, CEO of PEG. “We are self-confident that by remaining disciplined in our approach, we will make a solid portfolio of class-B multifamily housing units throughout the state.”

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Tags: Apartments & Multifamily, Hospitality

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