Skip to content

Search

Latest Stories

Banyan completes sale of Holiday Inn Express in S.C.

The four-story hotel is surrounded by many major attractions

Banyan completes sale of Holiday Inn Express in S.C.

ATLANTA-BASED BANYAN Investment Group has completed the sale of the 112-room Holiday Inn Express & Suites Bluffton at Hilton Head Area in South Carolina, to Trishul Hospitality, the company said. The transaction, for an undisclosed amount, generated a 24 percent internal rate of return and a 3.3x equity multiple for Banyan.

“We purchased the Bluffton Holiday Inn Express & Suites back in 2014 with the idea that this South Carolina coastal submarket was poised for long term growth. We were confident Bluffton would evolve into a tourist destination, aided by its proximity to several year-round destinations such as Hilton Head Island, South Carolina; Savannah, Georgia; and Charleston, South Carolina,” said Samir Yajnik, principal and EVP of investments, Banyan Investment Group. “Our underwriting and research at that time proved to be correct given Beaufort has become the fastest growing town in Beaufort County, South Carolina, with its population having grown by more than 124 percent in the last decade.


“This is directly reflected in the overall operating performance of the property during our hold period and how well it rebounded from the lockdowns and difficult market conditions stemming from COVID. We are proud to have taken this asset roundtrip to generate above-market returns for our investors. At present, we are diligently pursuing new acquisition opportunities, as exhibited by our recent purchase of the Castle Hotel, an Autograph Collection by Marriott, but always are reviewing our portfolio for opportunities to monetize our investments.”

The four-story hotel is near the Marine Corps Air Station, Naval Hospital Beaufort, Hunting Island State Park, Beaufort Marina and the Tanger Outlets. The hotel underwent a renovation earlier this year, and amenities include an outdoor pool, fitness center and 1,248 square feet of meeting space.

According to the statement, the group utilizes conservative forecasting, combined with a clear understanding of calculated risk taking, to make optimal investments for better returns.

The group recently acquired the Castle Hotel, part of the Autograph Collection by Marriott, in Orlando, Florida.

More for you

AHLA members meet with U.S. lawmakers to discuss key hospitality legislation impacting hotel owners and workers

AHLA shares priorities with lawmakers

AHLA Members Unite on Capitol Hill to Advance Hospitality Legislation

MORE THAN 250 American Hotel & Lodging Association members met with lawmakers in the U.S. Senate and House to discuss legislative priorities critical to the hospitality industry. They raised concerns about tax and trade policies impacting hotel operating costs and travel demand amid ongoing budget reconciliation and tax negotiations.

Members also discussed expanding and upskilling the hospitality workforce through measures such as adjusting the H-2B visa cap and protecting the franchise model, which supports more than half of all U.S. hotels and 2.8 million jobs, the association said in a statement.

Keep ReadingShow less
CBRE: US Hotel RevPAR to Grow 1.3 Percent in 2025

CBRE: RevPAR to grow 1.3 percent in 2025

U.S. HOTEL REVPAR is expected to grow 1.3 percent in 2025, supported by urban markets from group and business travel and increased demand for drive-to and regional leisure destinations, according to CBRE. Occupancy is forecast to rise 14 basis points and ADR 1.2 percent year-over-year.

This represents slower growth than CBRE’s February forecast, which projected 2 percent RevPAR growth based on a 21-basis-point increase in occupancy and a 1.6 percent rise in ADR, the commercial real estate and investment firm said.

Keep ReadingShow less
Palette Hotels to Transform DoubleTree by Hilton in Washington, PA

Palette to manage Washington, PA, DoubleTree

Palette’s Expertise in Hospitality Management

SUNRISE GOLD HOSPITALITY recently selected Palette Hotels to manage its 140-room DoubleTree by Hilton Washington Meadow Lands Casino Area in Washington, Pennsylvania. Palette will oversee renovations, including Hilton Connected Rooms technology upgrades, new signage, landscaping, building systems and updates to the lobby, guestrooms, bathrooms, meeting spaces, restaurant, bar and lounge.

Sunrise Gold Hospitality is led by owner Ramesh Pandya, and Palette Hotels by Founder and CEO Richard Lou.

Keep ReadingShow less