Banyan Investment Group and Investra Investments have purchased the Holiday Inn Express & Suites in Bluffton, S.C., from Veritas Hospitality Group, a division of the Stafford Companies, based in Tifton, Ga. Loxi Hospitality provided advisory services with the transaction.
This is the second joint venture in 2014 for Banyan Investment Group and Investra Investment that together total $20 million in acquisition and improvement costs. Both projects are in the southeast.
“Our two firms continue to actively pursue additional acquisitions of premium select service properties in strategic sub-markets throughout the United States,” said Andy Chopra, chief investment officer and a principal with Banyan Investment Group.
The 112-room, four-floor hotel features 1,250 square feet of meeting space, a business center, and a seasonal outdoor swimming pool. It is located six miles from Hilton Head, 25 miles from Savannah, and 90 miles from Charleston.
“This acquisition expands our footprint in the southeast, a region we are very familiar with and very comfortable operating in,” explained Lloyd Crabtree, senior vice president of operations for Atlanta-based Banyan Investment Group, which has a portfolio of almost 20 properties in Florida, Georgia, and Kentucky, including the new Aloft Downtown Atlanta.
“Demand-generators for this Holiday Inn Express are especially strong, including the evolution of Hilton Head as a year-round tourism destination and the growth of the nearby Sun City active adult retirement community, which currently numbers more than 13,000 residents.”