ST. CHARLES, IL—Banyan Investment Group in partnership with Compass Real Estate has purchased the Hilton Garden Inn here. The property will undergo a $2-million renovation of guestrooms and public areas to be completed by March 2017.
Opened in 2000, the three-story Hilton Garden Inn includes 120 guestrooms, 4,400 sq. ft. 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 sq. ft. conference and training center.
“This hotel fits our corporate objective of adding properties that offer us the opportunity for a meaningful increase in asset value through their strong brand, consistent demand generators, and solid physical features,” said Sameer Nair, VP, Hotel Investments with Atlanta-based Banyan Investment Group.
“The Hilton Garden acquisition is a strategically targeted opportunity that brings together our investment priorities and skills with Banyan’s proven talent in hotel operations,” added Jeff Warwick, principal and chief investment officer, Compass Real Estate.
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. Banyan has more than 40 years of experience in developing and managing branded hotels.