Banyan Investment Group Completes Acquisition of Three-Hotel Portfolio in Madison, Wisconsin
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 completed the acquisition of a three-hotel portfolio of Marriott- and Hilton-branded hotels located in Madison, Wis., for approximately $50 million. Additionally, the company announced that it will operate the portfolio, comprised of the 127-Room Courtyard by Marriott Madison East, 130-Room Fairfield Inn & Suites Madison East and 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. "All three hotels benefit from their location near Fortune 500 companies, including the American Family Insurance headquarters, located in nearby office parks and downtown Madison, as well as 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."
"Due to the strength of our partners, we were able to complete this complicated transaction in just over two months," said 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."
Courtyard by Marriott Madison East
Located at 2502 Crossroads Drive , the four-story hotel is situated directly off Interstate 90. Guest room amenities include flat screen HD television, mini-refrigerator, work desk, microwave, coffee maker, iron with ironing board and complimentary, high-speed Wi-Fi Internet access. The hotel also 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.
Fairfield Inn & Suites Madison East
Directly across the parking lot from the Courtyard by Marriott Madison East, the four-story hotel recently completed a multi-million dollar renovation to improve public spaces and guest rooms. Guest rooms and suites are equipped with flat screen HD television, complimentary high-speed Wi-Fi Internet access, work desk, mini-refrigerator, iron with ironing board and coffee maker. The hotel's newly furnished breakfast lounge provides a complimentary, hot breakfast daily, as well as lighter grab-and-go options for guests' convenience. The Fairfield also offers a heated indoor swimming pool and whirlpool, a fitness center, business center, room service, guest laundry facility and a complimentary airport shuttle.
Hampton Inn Madison East Towne Mall Area
Nestled 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. The Hampton Inn features a newly-furnished breakfast lounge that provides guests with a complimentary hot breakfast each morning, as well as lighter grab-and-go options for guests' convenience. All guest rooms are furnished with a flat screen HD television, iron with ironing board, work desk and coffeemaker.