Banyan Investment Group and DeBartolo Development have purchased the Days Inn Atlanta Downtown, and are immediately starting renovations which will transform the landmark property into the city’s – and the state’s – first “Aloft” brand hotel by spring of next year.
Currently, the property has 263 rooms. After the renovation, it will feature approximately 242 rooms and suites. Amenities of the renovated property will include the “w xyz bar” featuring neon lights and live musical performances; the “re:mix” lounge; an outdoor “backyard” with “splash” swimming pool; 2,000 sq. ft. of meeting space; the “re:charge” fitness center; complimentary wireless internet; and surface parking.
During the renovation, which represents an investment of more than $25 million, the hotel will continue to operate as an independent hotel under the name “Hotel ATL.”
“This property represents the kind of unique investment opportunity that attracted our company to the Atlanta market,” according to Rakesh Chauhan, CEO of Banyan Investment Group. “It’s a high-profile location which we can enhance in a way that makes it even more attractive and valuable to downtown Atlanta, to city visitors, and to our financial partners.”
Aloft, introduced by Starwood Hotels & Resorts Worldwide in 2005, is noted for its dramatic contemporary design, state-of-the-art technology features, and an atmosphere that encourages socialization. The brand is often referred to as “a vision of W Hotels.”
The Atlanta property will be the first “Aloft” brand hotel in Georgia and one of only 76 Aloft hotels operating or under development worldwide.
“Aloft is a hip, cosmopolitan brand that will be an exciting new addition to the community of sophisticated and stylish hotels in downtown Atlanta,” adds Andy Chopra, Chief Investment Officer for Banyan Investment Group.
Banyan Investment Group is a privately-owned hotel investment company which operates a portfolio of 14 properties valued at more than $100 million. Through its affiliates and partners, the company has closed on approximately $65 million in transactions during the past 24 months.
While the Days Inn Downtown Atlanta represents Banyan’s ability to reposition and to enhance the value of an existing property, the company is also adept at “ground up” development, as evidenced by its current construction of a Hampton Inn & Suites in Gulf Breeze, Florida, which is scheduled to open in February of 2013.
Based in Miramar Beach, Florida, the firm has more than 35 years of experience in developing and managing branded limited service hotel properties, primarily in Florida. It opened an office in Atlanta in 2009 to aggressively pursue investment opportunities in that region and metropolitan area.
Banyan acquired its first Atlanta-area hotel in 2010 – a Country Inn & Suites in the suburb of Lithia Springs.
For more information about Banyan Investment Group, visit the www.banyan-ig.com website.
DeBartolo Development is one of the country’s most prominent, most successful, and most respected privately-owned real estate development firms. Started in 1944, the firm has a rich history of more than six decades of real estate development that includes origination of the mall concept by Edward J. DeBartolo Sr.
Today, the company invests opportunistically in real estate assets of all sizes and scopes – and specializes in forming and maintaining strategic relationships, such as its partnership with Banyan Investment Group.
For more information about DeBartolo Development, visit the www.debartolodevelopment.com website.