MADISON, WI—Banyan Investment Group of Miramar Beach, FL, has acquired a three-hotel portfolio of Marriott- and Hilton-branded hotels here totaling 372 rooms for $50 million.
The hotel investment and management firm has acquired and will operate the 127-room Courtyard by Marriott Madison East, the 130-room Fairfield Inn & Suites Madison East and the 115-room Hampton Inn Madison East Towne Mall Area.
“In addition to expanding our footprint into the Great Lakes region, this portfolio aligns perfectly with our strategy of targeting strong markets with multiple demand generators that are well positioned to weather all phases of the economic cycle,” said Andy Chopra, founding principal and chief investment officer, Banyan Investment Group.
He adds that all three hotel properties are located near Fortune 500 companies, including the American Family Insurance headquarters, that are located in nearby office parks and Downtown Madison. He also cited their proximity to Minneapolis, Milwaukee and Chicago.
“Wisconsin's state capital is the ideal Big 10 college town, home to the University of Wisconsin's main campus. This creates year-round demand from students, families, government, business and leisure travelers to the area,” Chopra notes.
The Courtyard by Marriott Madison East is a four-story hotel located at 2502 Crossroads Drive directly off Interstate 90. The hotel provides approximately 1,080 square feet of meeting space capable of accommodating up to 80 people. Additional hotel amenities include a heated indoor swimming pool and whirlpool tub, business center, guest laundry facilities, 24/7 fitness center, sundry shop and complimentary airport shuttle.
The four-story Fairfield Inn & Suites Madison East is situated directly across the parking lot from the Courtyard by Marriott Madison East. The hotel recently completed a multi-million-dollar renovation to improve public spaces and guest rooms. The Fairfield offers a heated indoor swimming pool and whirlpool, a fitness center, business center, room service, guest laundry facility and a complimentary airport shuttle.
The Hampton Inn Madison East Towne Mall Area, is located across the street from the East Towne Mall, home to more than 120 shops and restaurants. The four-story hotel offers a heated indoor swimming pool and whirlpool, fitness center, business center, valet laundry and complimentary, high-speed Wi-Fi Internet access.
“Due to the strength of our partners, we were able to complete this complicated transaction in just over two months,” says Kat Lash-Williams, hotel analyst, Banyan Investment Group. “From the lenders to the franchisors, everyone was well motivated to move quickly and precisely. As we grow across the United States, we will continue to target strong submarkets that allow us to have more predictable cash flow for our investors.”
|Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.