December 3, 2015 – Extensive renovations have begun at two hotels owned and operated by Atlanta-based Banyan Investment Group:
- The Comfort Suites in Newport, KY, located on the Ohio River directly across from Cincinnati, is undergoing a $1.5 million upgrade of public space as well as all 124 guest suites. In addition, five new guest suites are being added and the exterior of the six-floor is being painted.
- The seven-floor Hampton Inn in Terre Haute, IN is undergoing a $1.3 million upgrade of all 112 guest rooms, plus public space and the exterior.
“We are modernizing the curb appeal, as well as the look and comfort of our interior spaces, so we can even better meet the expectations of our guests,” explained Andy Chopra, Chief Investment Officer of Banyan Investment.
The company acquired both properties earlier this year — the Hampton Inn Terre Haute in March and the Comfort Suites Newport in August. The hotel in Kentucky was purchased in association with Investra Investments.
The properties will continue to operate during the renovations, with work progressing in strategic phases and affecting only a limited area of each hotel at any given time. Renovations are expected to be completed by February in Terre Haute and by May in Newport.
Work at the Hampton property in Terre Haute is part of that brand’s ambitious nationwide “Forever Young Initiative” aimed at updating selected hotels.
Banyan Investment owns and operates a portfolio of 21 hotels in eight states, while Investra manages a commercial real estate portfolio with more than $500 million in assets in the United Kingdom and the United States.
