HOTEL INVESTMENT AND management company Banyan Investment Group has acquired the 110-room Courtyard by Marriott Houston Pearland in Pearland, Texas, near Houston.
Banyan’s leadership includes President and CEO Rakesh Chauhan and founding principal and Chief Investment Officer Andy Chopra. It has offices in Miramar Beach, Florida, and Atlanta, Georgia.
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. “The hotel requires minimal capital expenditures, and we are confident the property will achieve its economic objectives with immediate cash flow.”
The five-story hotel is 15 minutes from NRG Stadium, home of the NFL’s Houston Texans, and within 20 minutes of the Texas Medical Center, downtown Houston and William P. Hobby International Airport. The hotel also provides meeting space for up to 60 people, business center, 24/7 fitness center, outdoor pool and The Bistro café as well as a Starbucks.
“Home to some of America’s largest corporations, including Philips 66 and Sysco, Houston is well on its way to becoming the third largest city in the United States,” Chopra said. “We appreciate the economic diversity provided by South Houston’s submarkets, and Pearland particularly stood out due to its standing as the fastest-growing suburb in one of the fastest-growing MSAs in the country.”
In 2017, Banyan bought three Marriott-branded hotels for $30 million. They were the 105-room Fairfield Inn & Suites Chicago St. Charles; the 92-room Fairfield Inn & Suites Chicago Naperville; and the 129-room Lansing Courtyard by Marriott in Lansing, Michigan.