ATLANTA—Banyan Investment Group has acquired a 147-room, six-floor Holiday Inn Express on George Busbee Parkway in Kennesaw, GA, which is located about 23 miles north of downtown Atlanta. Banyan Tree Management will operate the hotel.
A $3.3 million renovation begins immediately and is slated to be completed by the end of the first quarter of 2017. The results will meet or exceed the new Formula Blue architectural and design standards specified by InterContinental Hotels Group (IHG) for its Holiday Inn Express brand, according to the company.
Features of the hotel include a fitness center, business center, outdoor pool, laundry facilities and three meeting rooms with 1,300 sq. ft. of total available space.
“This hotel ideally matches our company’s acquisition parameters, which include a strong brand, a high-traffic location, and proven demand generators for both business and leisure travel,” said Andy Chopra, principal and chief investment officer with Banyan Investment Group. “We’re confident that these factors will combine to provide extremely attractive, above-average yields for our investors.”
Demand generators for the property include Kennesaw State University (KSU), which is 1.5 miles away. The campus includes an 88-acre sports and entertainment complex that attracts college competitors from throughout the country in 14 different sports, according to the company.
Within walking distance of the hotel is Town Center at Cobb, a two-story indoor mall that features more than 220 shopping, dining, and entertainment options.
The hotel serves a variety of businesses, including HD Supply; Georgia-Pacific; Yamaha Motor Corporation; the engineering and environmental firm Enercon Services Inc.; and software provider Tekla, Inc.
With this acquisition, Atlanta-based Banyan operates 22 properties in nine states.