Banyan Investment Group, in partnership with Compass Real Estate, purchased the Hilton Garden Inn in St. Charles, Ill., which is located roughly 40 miles west of Chicago.
The property will undergo a $2-million renovation of its guestrooms and public areas, which is expected to be complete by March of 2017 and will exceed the architectural as well as design standards specified by Hilton Worldwide.
Opened in 2000, the three-story Hilton Garden Inn includes 120 guestrooms, 4,400 square feet of flexible meeting space; an indoor pool, a fitness center and a bistro-style restaurant. Attached to the hotel is an independently-owned 18,000-square-foot conference and training center.
This is Banyan’s first acquisition in 2016. Last year, the company added five hotels and its portfolio now includes 22 properties in nine states under the direction of second-generation Asian-American hoteliers. Banyan has more than 40 years of experience in developing and managing branded hotels.