Banyan Investment Group has acquired a 147-room, six-floor Holiday Inn Express on George Busbee Parkway in Kennesaw, Georgia, which is located about 23 miles north of downtown Atlanta. The hotel will be operated by Banyan Tree Management.
A $3.3 million renovation begins immediately and is expected 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.
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,” explains 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 located just 1.5 miles away and is the third largest university in Georgia with an enrollment of 33,000 students. The campus includes an 88-acre sports and entertainment complex that attracts college competitors from throughout the country in 14 different sports.
Within walking distance of the Holiday Inn Express 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, notably major locations of HD Supply; Georgia-Pacific; Yamaha Motor Corporation; the engineering and environmental firm Enercon Services Inc.; and software provider Tekla Inc.
In addition, located within 15 miles of the hotel are attractions such as Six Flags Over Georgia; Six Flags White Water; the LakePoint Sporting Community; and the new 41,000-seat SunTrust Braves Stadium, which opens next year.
Nine miles from the hotel is Dobbins Air Reserve Base, the largest multi-service reserve training base in the world with 2,500 permanent employees plus 10,000 assigned guardsmen and reservists.
With this acquisition, Atlanta-based Banyan operates 22 properties in nine states. The company has more than 40 years of experience in developing and managing branded hotels.
