BLUFFTON, South Carolina—Banyan Investment Group (BIG) announced the completed sale of the 112-room Holiday Inn Express & Suites Bluffton @ Hilton Head Area in South Carolina, to Trishul Hospitality for an undisclosed price. The transaction generated a 24 percent IRR and a 3.3x equity multiple.
“We purchased the Bluffton Holiday Inn Express & Suites back in 2014 with the idea that this South Carolina coastal submarket was poised for long-term growth,” said Samir Yajnik, principal and executive vice president of investments, Banyan Investment Group. “We were confident Bluffton would evolve into a tourist destination, aided by its proximity to several year-round destinations such as Hilton Head Island, South Carolina; Savannah, Georgia; and Charleston, South Carolina. Our underwriting and research at that time proved to be correct given Beaufort has become the fastest-growing town in Beaufort County, South Carolina, with its population having grown by more than 124 percent in the last decade. This is directly reflected in the overall operating performance of the property during our hold period and how well it rebounded from the lockdowns and difficult market conditions stemming from COVID. We are proud to have taken this asset roundtrip to generate above-market returns for our investors. At present, we are diligently pursuing new acquisition opportunities, as exhibited by our recent purchase of the Castle Hotel, an Autograph Collection by Marriott, but always are reviewing our portfolio for opportunities to monetize our investments.”
The four-story hotel is near attractions such as the Marine Corps Air Station, Naval Hospital Beaufort, Hunting Island State Park, Beaufort Marina, and the Tanger Outlets. The hotel underwent a renovation earlier this year to upgrade all guestrooms and public spaces. Guests may use the hotel’s outdoor pool, 24/7 fitness center, breakfast daily, WiFi, and 1,248 square feet of meeting space. Guestrooms have a refrigerator and microwave, two-line phone with voice mail, in-room coffee maker, iron, and ironing board.