February 23, 2016 – Banyan Investment Group in partnership with Compass Real Estate has purchased the Hilton Garden Inn in St. Charles, Illinois, which is located about 40 miles west of Chicago. The property will undergo a $2 million renovation of guest rooms and public areas that is expected to be complete by March of 2017 and will exceed the architectural as well as design standards specified by Hilton Worldwide.
Opened in 2000, the three-story Hilton Garden Inn includes 120 guest rooms; 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, Vice President of Hotel Investments with Atlanta-based Banyan Investment Group.
Added Jeff Warwick, principal and Chief Investment Officer with Atlanta-based Compass Real Estate, "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."
Demand generators for the Hilton Garden Inn include numerous corporate offices and industrial locations; the 250-acre Pheasant Run Resort; The Quad St. Charles, an upscale shopping mall with more than 120 stores; the Kane County Fairgrounds; and the DuPage County Airport.
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 under the direction of second-generation Asian-American hoteliers. Banyan has more than 40 years of experience in developing and managing branded hotels.
