Banyan Investment Group & Investra Investments Acquire Holiday Inn Express & Suites in Bluffton, SC
July 9, 2014 6:36am
This is the second joint venture in 2014 for Banyan Investment Group and Investra Investment that together total $20 million in acquisition and improvement costs. Both projects are in the southeast.
"Our two firms continue to actively pursue additional acquisitions of premium select service properties in strategic sub-markets throughout the United States," said Andy Chopra, Chief Investment Officer and a principal with Banyan Investment Group.
The 112-room, four-floor hotel features 1,250 sq. ft. of meeting space, a business center, and a seasonal outdoor swimming pool. It is located six miles from Hilton Head, 25 miles from Savannah, and 90 miles from Charleston.
"This acquisition expands our footprint in the southeast, a region we are very familiar with and very comfortable operating in," explained Lloyd Crabtree, Senior Vice President of Operations for Atlanta-based Banyan Investment Group, which has a portfolio of almost 20 properties in Florida, Georgia, and Kentucky, including the new Aloft Downtown Atlanta.
"Demand-generators for this Holiday Inn Express are especially strong, including the evolution of Hilton Head as a year-round tourism destination and the growth of the nearby Sun City active adult retirement community, which currently numbers more than 13,000 residents."
Tags: banyan investment group,
holiday inn express bluffton
Contact: Peter G. Mathon, P. R. Counsel for Banyan Investment Group
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