ATLANTA-BASED BANYAN Investment Group has acquired the 89-room Fairfield Inn & Suites by Marriott Peoria East in Peoria, Illinois. It is the most recent in a string of acquisitions by the hotel investment and management company under President and CEO Rakesh Chauhan.
The Peoria Fairfield is near the Peoria Civic Center, Bradley University, Peoria International Airport, Caterpillar Corp. Headquarters, Peoria Civic Center, Bradley University, OSF St. Francis Medical Center and Methodist Medical Center, as well as the Par-A-Dice Riverboat Casino. It has an indoor pool and hot tub.
The acquisition is the eighth for Banyan’s recently launched BIG Hotels LP I, LLC fund.
“Due to our strong and longstanding industry relations, we were able to source this deal off-market at an attractive price at better than replacement costs,” Chauhan said. “Equally important, this recently constructed property meets all our of acquisition criteria: it’s a strongly branded hotel in a market with exceptional demand generators that are able to better weather any fluctuations in the economy.”
In July, Banyan completed the acquisition of a three-hotel portfolio in Madison, Wisconsin, gaining 372 rooms for approximately $50 million or $134,400 a key. The hotels in that deal are the 127-room Courtyard by Marriott Madison East; the 130-room Fairfield Inn & Suites Madison East; and the 115-room Hampton Inn Madison East Towne Mall Area.
In June, the company acquired the 110-room Courtyard by Marriott Houston Pearland in Pearland, Texas, near Houston. Banyan Chief Investment Officer Andy Chopra said in a statement the company expects a nearly immediate return on its investment in the hotel located in a fast-growing community.
“The hotel benefits from its location within Pearland Town Center, a popular mixed-used development with 937,000 square feet of open space located within the South Houston marketplace that includes 140 specialty stores, 234-unit apartment complex building and more than 50,000 square feet of office space,” Chopra said at that time. “The hotel requires minimal capital expenditures, and we are confident the property will achieve its economic objectives with immediate cash flow.”