Banyan Investment Group (BIG) today announced the acquisition of the 114-suite Homewood Suites by Hilton Atlanta/Perimeter Center. This hotel marks the first purchase utilizing the recently announced Banyan Lodging Enhanced Value Fund, LLC, a fund vehicle that offers investors an opportunity to purchase hotels with a combination of strong cash flow and attractive basis with consideration to the impact by the on-going COVID-19 crisis.
“The Homewood Suites by Hilton Atlanta/Perimeter Center represents the ideal asset for our BLEV fund—a well-respected brand situated in an institutional quality location with strong cash flow and multiple demand drivers,” said Samir Yajnik, principal and executive vice president of investments at Banyan Investment Group. “We also were able to acquire the hotel at below-replacement costs, making the deal more attractive and in line with our overall acquisition strategy. We maintain a healthy pipeline of investment opportunities and have an active interest for additional deals that meet our criteria.”
Located off Route 400 at 915 Crestline Parkway, the four-story, extended-stay hotel is a half-mile from the Sandy Springs MARTA Station, which provides direct rail access to Hartsfield-Jackson International Airport. The hotel provides complimentary, hot breakfast, free Wi-Fi, indoor pool, fitness center, state-of-the-art business center and 851 square feet of event space. Suites provide separate living and dining spaces, complete with full kitchen, dining table, sleeper sofa and Serta Suite Dreams(R) bedding. Kitchens are equipped with a full-sized refrigerator, microwave, dishwasher and twin burner stove with utensils.
With offices in Georgia and Florida, Banyan Investment Group is a hotel investment and management company that acquires and manages select-service hotels in the United States.