Banyan Investment Group Acquires Hotel Sierra in Atlanta
Tuesday July 9th, 2013 - 9:06AM EG
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ATLANTA—Banyan Investment Group has acquired the 124-suite Hotel Sierra in the Atlanta suburb of Alpharetta, Georgia.
The property will undergo a more than $2 million renovation, in addition to being rebranded as a Holiday Inn Express Hotel & Suites by the end of October.
Amenities include 1,600 sq. ft. of meeting and event space, a multi-station business center, a fitness center, an outdoor pool and a local shuttle.
Banyan Investment Group acquired the property from Kansas-based LodgeWorks, LP, in a transaction brokered by Rick Besse, B.J. Patel and Sam Winterbottom of Newmark Grubb Knight Frank Hotels.
Tags: • Hospitality • Acquisitions • Construction/Renovation •
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.