Banyan Investment Group, Investra Purchase Holiday Inn Express in Bluffton, SC
Tuesday July 8th, 2014 - 9:40AM O
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BLUFFTON, SC—Banyan Investment Group and Investra Investments have purchased the Holiday Inn Express & Suites here.
The property was acquired from Veritas Hospitality Group, a division of the Stafford Companies, based in Tifton, GA. Loxi Hospitality provided advisory services with the transaction. 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 deal represents 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,” stated Andy Chopra, chief investment officer and a principal with Banyan Investment Group.
Tags: Banyan • Investra • acquire • Holiday In Express • Hospitality • Management Companies •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.