Banyan Investment Group acquired a 147-room, six-floor Holiday Inn Express on George Busbee Parkway in Kennesaw, Ga., which is located roughly 23 miles north of downtown Atlanta.
The hotel will be operated by Banyan Tree Management, and a $3.3-million update to the property will begin immediately. The renovation is expected to be completed by the end of the first quarter of 2017. Updated aspects of the hotel will include a fitness center, business center, outdoor pool, laundry facilities and three meeting rooms with 1,300 square feet of available space.
“This hotel ideally matches our company’s acquisition parameters, which include a strong brand, a high-traffic location, and proven demand generators for both business and leisure travel,” said Andy Chopra, principal and chief investment officer with Banyan Investment Group. “We’re confident that these factors will combine to provide extremely attractive, above-average yields for our investors.”
Demand generators for the property include Kennesaw State University (KSU), which is located 1.5 miles away and is the third largest university in Georgia with an enrollment of 33,000 students. The campus includes an 88-acre sports and entertainment complex.
Within walking distance of the Holiday Inn Express is Town Center at Cobb, a two-story indoor mall that has more than 220 shopping, dining and entertainment options.
The hotel serves a variety of businesses, notably major locations of HD Supply, Georgia-Pacific, Yamaha Motor Corporation, the engineering and environmental firm Enercon Services Inc. and software provider Tekla Inc.
In addition, located within 15 miles of the hotel are attractions such as Six Flags Over Georgia, Six Flags White Water, the LakePoint Sporting Community and the new 41,000-seat SunTrust Braves Stadium, which opens next year.