Banyan Investment Group continues its expansion plans with the acquisition of the Hotel Sierra in the Atlanta suburb of Alpharetta, Ga., from Kansas-based LodgeWorks, LP in a transaction brokered by Newmark Grubb Knight Frank Hotels.
The 124 all-suites property will undergo a renovation of more than $2 million and be rebranded as a Holiday Inn Express Hotel & Suites by the end of October. The hotel will continue to operate during the renovation.
“This is a highly-desirable location in a key market,” explains Andy Chopra, principal and chief investment officer of Banyan. “The property has a reputation among both business and leisure travelers for its oversize rooms, for boutique-style personal service, and for special amenities — characteristics that we certainly intend to retain and build on.”
The hotel’s features include 1,600 square feet of flexible meeting and event space, a multi-station business center, a fitness center, an outdoor pool, and a local shuttle.
Added Chopra, “Today’s economy offers many attractive investment opportunities, so we are actively seeking opportunities to expand our portfolio — especially with properties that are suited for upflagging and repositioning.”
Currently, Banyan owns and operates a portfolio of 18 hotels. The company expects to open Georgia’s first “Aloft” brand hotel in 2014 in downtown Atlanta, which is a 254-room property adjacent to the Atlanta Merchandise Mart.
