Atlanta/Dubai JV Lands in N. Kentucky
- Aug 14, 2015
A joint venture of an Atlanta company and its Dubai-based partner has recently expanded its portfolio of U.S. properties with the acquisition of a Northern Kentucky hotel. Banyan Investment Group and Investra Investments are the new owners of the Comfort Suites in Newport.
Banyan and Investra did not disclose the terms of the deal, but according to Hotel Online, they plan a $1.75 million renovation that will enable the 124-key property to meet or exceed Choice Hotels International’s architectural and brand standards.
Comfort Suites in Newport is located on the Ohio River, near numerous popular attractions, universities and the headquarters of such leading companies as Proctor & Gamble, Kroger, Macy’s, AK Steel and GE Aviation. The property was completed in 1997 and features a business center, a fitness center, 10 two-room presidential suites and almost 3,100 square feet of meeting space.
The Newport hotel represents the Banyan-Investra JV’s fifth acquisition during the past 18 months. With this latest addition, the value of their joint portfolio exceeds $80 million.
Photo credit: Choice Hotels International