Banyan Investment Group Expands Presence in Midwest with Acquisition of Three Marriott-Branded Hotels
ATLANTA -- Banyan Investment Group, an Inc. 5000 recognized hotel investment and management company that acquires and manages select-service hotels in the United States, today announced that it has acquired and will operate three Marriott-branded hotels in two separate transactions: the 105-room Fairfield Inn & Suites Chicago St. Charles and the 92-room Fairfield Inn & Suites Chicago Naperville, both in Ill., and the 129-room Lansing Courtyard by Marriott in Mich., for a combined total of nearly $30 million. The properties bring Banyan's portfolio to 14 owned and operated hotels nationwide.
Courtyard by Marriott Lansing
Located directly across the street from the 330,000-square-foot Eastwood Town Center, the two-story hotel is surrounded by more than 40 shops, 10 restaurants and an 18-screen movie theater. The property also is only two miles from Michigan State University and five miles from the State Capitol and is near the offices of such corporations as Oracle, Deloitte, DART and General Motors. The hotel features an indoor pool, fitness center, business center, media pods, GoBoard and an outdoor courtyard. Guest beds are fitted with pillow top mattresses, foam and feather-down pillows, crisp linens and custom comforters. Additional room amenities include a mini-refrigerator, oversized work desk with an ergonomic chair and 37" flat screen HD television. The hotel's 14 suites also provide in-suite shower, microwave oven, refrigerator with ice maker and a kitchen table with chairs.
"In addition to the multiple business, leisure and educational demand generators, the greater Lansing corporate market continues to expand, with a number of new developments and corporate expansions underway," Chopra added. "Following a complete renovation and refurbishment, the hotel will become one of the first Generation One Courtyards with the brand's entirely new look. 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."
Fairfield Inn & Suites Chicago Naperville
Situated adjacent to the Freedom Commons development, just off of I-88, the three-story hotel is found in Chicago's western suburbs, a collection of some of the most affluent communities in the Chicagoland area, the third largest MSA in the nation with a population of nearly 10 million. The Chicago Metropolitan area is home to 33 Fortune 500 companies and is a major transportation and distribution center. Top area employers, including BP, Exelon and Liberty Mutual, all have major presences in the area. Additional demand generators include the DuPage Children's Museum, Wheaton University and the Chicagoland Speedway.
In addition to LCD flat panel televisions, guest rooms also include complimentary high-speed Internet access and the new Fairfield Inn & Suites Bed, incorporating custom comforters, crisp linens and thicker mattresses. Additional hotel amenities include a 24-hour fitness center, complimentary hot breakfast buffet, free Wi-Fi throughout the hotel, business center and indoor pool. The hotel also provides meeting space capable of accommodating up to 10 people.
Fairfield Inn & Suites Chicago St. Charles
Nestled across from the Geneva Commons Shopping Center and minutes to downtown Geneva and downtown St. Charles, the hotel has more than 15 restaurants within a quarter of a mile and shopping within walking distance. All rooms feature an in-room refrigerator, coffee maker and hair dryer, while the hotel's suites also include a microwave, sleeper sofa and an additional 37" LCD television. The property also features an indoor pool, whirlpool, fitness center, business center and daily, complimentary hot breakfast.
"With our sister Hilton Garden Inn in St. Charles, we are very familiar with the suburban Chicago marketplace," Chopra noted. "With the ability to share best practices and enjoy economies of scale, we are confident these hotels help solidify Banyan's position as the St. Charles hospitality market leaders.
"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," Chopra concluded. "We were able to acquire each hotel at below replacement costs, and we are confident they will exceed our stringent investment return expectations and thresholds."
Banyan Investment Group
With offices in Florida and Georgia, Banyan Investment Group is a hotel investment and management company that acquires and manages select-service hotels in the United States. The company has been listed as an Inc. 5000 member for the past six, consecutive years. The company utilizes conservative forecasting, combined with a clear understanding of calculated risk taking, to make optimal investments with an overarching goal of exceeding stakeholder expectations of investment returns.
About Banyan Tree Holding Limited
Banyan Tree Holdings Limited ("Banyan Tree" or the "Group") is one of the world's leading independent, multi-branded hospitality groups. The Group's diversified portfolio of hotels, resorts, spas, galleries, golf and residences is centered on five award-winning brands (Banyan Tree, Angsana, Cassia, Dhawa and Laguna) that offer exceptional design-led experiences for global travellers of today and tomorrow.
Founded in 1994 on the core concept of sustainability, Banyan Tree Holdings seeks to create long-term value for all stakeholders and destinations across its network of properties, produc ts and brands, through a purpose-driven mission. With 11,000 associates across 24 countries, Banyan Tree Management Academy (BTMA) was established in 2008 to support the Group's goals through advancing people development, management excellence, and learning with integrity and meaning.
Banyan Tree Holdings has received over 2,611 industry awards and accolades since inception. It has also received recognition for its commitment to environmental protection and community development through its Banyan Tree Global Foundation (BTGF), which aligns the Group's efforts to the UN Sustainable Development Goals. Executing on its regionalised growth strategy, the Group's global footprint continues to grow with 46 new hotels and resorts under design and construction in the pipeline, in addition to 47 operating hotels in 24 countries as of 31 December 2019.
Banyan Tree Holdings entered a strategic long-term partnership with AccorHotels in 2016 to develop and manage Banyan Tre e branded hotels around the world along with the access to AccorHotels' global reservations and sales network, as well as the loyalty programme Le Club AccorHotels. It also formed a joint venture with China Vanke Co. Ltd. In 2017 - focusing on active ageing and wellness hospitality projects.
www.banyantree.com www.angsana.com www.cassia.com www.dhawa.com laguna.com