Banyan Investment Group Completes Acquisition of 213-Room Castle
ORLANDO, Fla.--(Spa Team International) -Banyan Investment Group (BIG), an Inc. 5000-recognized, hotel investment company that acquires hotels in the United States, today announced the acquisition of the 213-room Castle Hotel, Autograph Collection by Marriott, in Orlando, Fla., for an undisclosed price. The hotel recently underwent a comprehensive, $8.2 million investment to improve guestrooms, public space and the building exterior.
“Orlando, with its multitude of theme parks, golf resorts, outside adventures and fine dining options, continues to be the number one destination for leisure travel and conventions in the country,” said Samir Yajnik, principal and EVP of investments, Banyan Investment Group. “We are bullish on the Orlando MSA, particularly the I-Drive submarket. The Castle Hotel is the only four-star Marriott product within walking distance of the convention center. It is ideally suited for upscale visitors looking to stay with one of the most trusted hotel companies in the world. With the increased traffic to the convention center, airport and area attractions, as well as the expected opening of Epic Universe by Universal, the collective, positive impact on the hotel will be substantial, allowing the hotel to quickly take its place as the rightful market and segment leader. We believe the continued increase in demand for the submarket will drive increased cash flows at the property. It’s important to note that hotels re-price rates daily, and we believe that the investment offers a beneficial inflation hedge to our valued investors.”