Wednesday May 20th, 2015 - 9:10AM
ALBANY, NY—Banyan Investment Group and Investra Investments have purchased the Hampton
Inn & Suites here on Chapel St. The property will undergo a multimillion-dollar renovation during the
next few months.
Opened in 2005, the 10-story Hampton includes 165 guestrooms; a business center; and 2,700 sq. ft. of meeting space. There also is restaurant space leased to a third-party operator who offers guests two signature cuisine options: Yono’s for fine dining with an Indonesian emphasis and dp for American bistro food.
Other features include the Empire Floor, an all-female level with exclusive elevator key access, and the Relaxation Club, which offers a sauna, a steam room and a massage chair.
The Hampton Inn Albany is Banyan’s second acquisition in 2015. Last year, the company added four properties, including three hotels in collaboration with Investra that totaled in excess of $30 million in acquisition and improvement costs.
“This is the fourth acquisition for Banyan and Investra during the past 12 months and we are actively working together on two additional deals that we expect to close by summer,” stated Mobeen Jassat, principal with Investra. “Investra intends to grow its portfolio of hotels during the next 12 months, so we continue to seek out select-service properties in markets with thriving demand generators that can be operated by a strong proven operator such as Banyan.”
According to Rakesh Chauhan, president and CEO of Banyan Investment Group, “This acquisition reinforces our commitment to create a truly nationwide presence for Banyan beyond the Southeast, where we have operated with great success for more than 40 years. The unique partnership approach we have developed with Investra and Loxi Hospitality enables us to gain incremental value from target properties, then achieve above-average returns.”
Loxi Hospitality provided advisory services with the transaction.
Source Hotel Business