Banyan Investment Group’s BIG Hotels LP I fund recently acquired its seventh and eighth properties: the 101-room Hotel Indigo Tuscaloosa (Ala.) Downtown and the 89-room Fairfield Inn & Suites by Marriott Peoria East in Illinois. The news comes just over a month since the owner/operator revealed it had bought three properties in Wisconsin. The company will manage both properties.
Banyan acquired the Hotel Indigo from an affiliate of Chance Partners. Tuscaloosa is home to the University of Alabama as well as manufacturing plants for BFGoodrich Tire Manufacturing, Michelin North America, GAF Materials Corporation, Hunt Refining Company, Nucor Steel and Phifer Wire. The hotel includes a rooftop bar, a fitness center and a meeting room. HREC Investment Advisors arranged the sale.
In East Peoria, Ill., Banyan bought a lender-owned Fairfield Inn & Suites. The company plans to invest approximately $350,000 in improvements to the recently constructed property. Nearby points of interest include the Peoria Civic Center, Bradley University, Peoria International Airport and Caterpillar Corporate Headquarters. The hotel features a fitness center, an indoor pool, a full-service laundry and a business center.
Banyan Investment Group, with offices in Florida and Georgia, acquires and manages select-service hotels largely in the eastern United States, but as far west as Denver. Its portfolio currently includes 22 hotels.