Peachtree Group Backs Rio Hotel With $176M Loan
Peachtree Group, an investment management firm, has finalized a $176.5 million Commercial Property Assessed Clean Energy (C-PACE) loan for Dreamscape Companies' Rio Hotel & Casino in Las Vegas.
This transaction represents the largest credit deal in Peachtree's history and ranks among the most significant C-PACE financings in the US.
The Rio Hotel & Casino, now operated under the Destinations by Hyatt, completed a renovation in 2024. The upgrade included a full overhaul of the Ipanema Tower guest suites, a redesigned casino floor, and modernization of the central heating and cooling plant, electrical infrastructure, and convention center.
The loan was structured to retroactively finance the property's completed renovations. This allowed Dreamscape to repay its senior debt by reimbursing 100 percent of the renovation costs.
Earlier this summer, several companies retired their debts through sales. For example, Hyatt sold the Playa Hotels & Resorts real estate portfolio to Tortuga Resorts for $2 billion, Sabre completed the $1.1 billion sale of its Hospitality Solutions division to TPG Capital, and Allegiant sold the Sunseeker Resort to Blackstone Real Estate for $200 million.
