A more than 30-year old hotel property on the south side of Santa Fe is slated to be redeveloped into affordable housing.
The Residence Inn by Marriott, located at 1698 Galisteo Street, has been purchased by the Provo, Utah-based PEG Companies.
PEG, one of the largest commercial real estate developers in Utah, has had extensive experience transforming similar properties into affordable complexes.
The company has also developed more than $500 million in hospitality, residential, office and retail projects since 2003.
The Santa Fe Residence Inn houses 120 suites of varying sizes on a site of interconnected two-story buildings with balconies.
It is not yet known how many of the hotel’s suites will be reconfigured, although PEG has said that it wants to offer a mix of one and two bedroom spaces, as well as studio space.
PEG purchased the Galisteo Street hotel, along with six other hotel properties nationally, in September. The total package acquisition was valued at around $130 million.
The company currently has more than $1.4 billion hospitality, housing, and mixed-use projects in the pipeline.
By Garry Boulard