Banyan Investment Group completed the acquisition of a three-hotel portfolio in Madison, Wis., for approximately $50 million. The same group sold all three hotels, but its identity was not disclosed. The portfolio, which will fall under Banyan’s management, consists of the 127-room Courtyard by Marriott Madison East, the 130-room Fairfield Inn & Suites by Marriott 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,” Andy Chopra, Banyan's founding principal/chief investment officer, said in a statement. Chopra specifically highlighted the hotels’ proximity to the American Family Insurance headquarters, the University of Wisconsin-Madison and the cities of Minneapolis, Milwaukee and Chicago.
The four-story Courtyard by Marriott Madison East features 1,080 square feet of meeting space, a heated indoor swimming pool, a business center, a guest laundry, a 24-hour fitness center and a sundries shop. Directly across the parking lot, the four-story Fairfield Inn & Suites by Marriott Madison East recently finished a multimillion-dollar renovation to improve public spaces and guestrooms. Amenities include a heated indoor swimming pool, a fitness center, a business center and a guest laundry. Located nearby, the four-story Hampton Inn Madison East Towne Mall Area offers a heated indoor swimming pool, a fitness center and a business center.
Banyan Investment Group is a hotel investment and management company with offices in Florida and Georgia. Its portfolio consists of 20 hotels.