BANYAN INVESTMENT GROUP has acquired another hotel, its ninth as part of its recently launched BIG Hotels fund. This time the company bought the 101-room Hotel Indigo Tuscaloosa Downtown in Tuscaloosa, Alabama, where it also will oversee a $500,000 refurbishment of The Lookout rooftop bar.
The company is looking for branded hotels in well-established markets with recession-resistant demand generators, Banyan founding principal and Chief Investment Officer Andy Chopra said, and the Tuscaloosa Indigo meets those standards.
“The recently built, Silver LEED-certified hotel further benefits from its unmatchable location immediately off the Tuscaloosa Riverwalk with direct views of the Tuscaloosa Amphitheater, the largest outdoor music venue in West Alabama,” he said. “Following the completion of the nearly half-million-dollar refurbishment of the Lookout rooftop bar, along with improvements made to hotel public areas, we fully expect the hotel to increase its bottom-line profitability with the goal of the exceeding yield expectations for our investors.”
Hotel Indigo Tuscaloosa Downtown also is near the University of Alabama, Bryce Hospital and DCH Regional Medical Center. It includes 2,530 square feet of meeting space.
Earlier this month, Banyan acquired the 89-room Fairfield Inn & Suites by Marriott Peoria East in Peoria, Illinois. 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.”