BANYAN INVESTMENT GROUP of Atlanta, Georgia, in November acquired three Marriott-branded hotels for a total $30 million.
Purchased separately 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.
The deals bring Banyan’s portfolio to 14 owned and operated hotels nationwide. Rakesh Chauhan is president and CEO of the company, which also has an office in Miramar Beach, Florida.
“We continue to have an aggressive appetite for well-branded hotels in strategic markets containing numerous demand generators and higher barriers to entry,” Andy Chopra, founding principal and chief investment officer of Banyan Investment, said in a statement. “We are particularly attracted to state capitals and university markets that tend to remain stable and consistent from a hotel-demand perspective.
Banyan Investment paid below replacement cost for each asset, Chopra said. “Each of these deals were unique in their own way, but we seek more complex transactions that allow us to unlock further value from the hotels.”
The 129-room Courtyard by Marriott Lansing is across the street from the 330,000-square-foot Eastwood Town Center. The hotel is surrounded by more than 40 shops, 10 restaurants and an 18-screen movie theater. The property is two miles from Michigan State University and five miles from the State Capitol. Nearby corporations include Oracle, Deloitte, DART and General Motors.
The two-story hotel has an indoor pool, fitness center, business center, media pods and an outdoor courtyard. Its room inventory includes 14 suites.
Banyan Investment plans to renovate the hotel into the brand’s new Generation One redesign prototype, which will give the hotel “an entirely new look,” Chopra said.
“The hotel’s interior recently completed a full makeover of guest rooms, public spaces and back-of-house areas. We plan to commence exterior improvements in the second quarter of 2018.”
The Fairfield Inn & Suites Chicago Naperville in Naperville, Illinois, is next to the Freedom Commons development, just off Interstate 88.
The three-story, 105-room hotel is in Chicago’s western suburbs and near such businesses as BP, Exelon and Liberty Mutual. Additional demand generators include the DuPage Children’s Museum, Wheaton University and the Chicagoland Speedway.
The hotel has an indoor pool and fitness center.
The 92-room Fairfield Inn & Suites Chicago St. Charles in St. Charles, Illinois, is across from the Geneva Commons Shopping Center. It is near downtown Geneva and downtown St. Charles. More than 15 restaurants are within walking distance. The hotel has an indoor pool, whirlpool and fitness center.