Banyan Investment Group Completes Sale of 96-Room Kimpton Goodland Hotel Ft. Lauderdale Beach

USA, Fort Lauderdale, Florida. June 20, 2022

Banyan Investment Group (BIG), an Inc. 5000-recognized, hotel investment company that acquires hotels in the United States, announced the sale of the 96-room Kimpton Goodland Hotel Fort Lauderdale Beach in Fla., to DiamondRock Hospitality Company for $35.3 million.

"Following an extensive market study that led us to believe South Florida travel would rebound quickly, we took a calculated risk and purchased this property in Q420, prior to vaccines being released when travel volumes remained low," said Andy Chopra, managing partner, Banyan Investment Group. "Our research proved prescient, as evidenced by the fact that we were approached by DiamondRock with a price well above our original purchase price. While we are generally focused on long-term holds when it comes to hospitality assets, we balance that with the willingness to make opportunistic sales of our properties. We went into this deal with the intention of a longer hold period, but conditions coalesced to allow us to make a great deal for our investors that generated a 49.4% internal rate of return (IRR). We take pride in this and will endeavor to find additional deals capable of generating above-market cash flows and returns for our valued investors."

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In the wake of the devastation that disrupted every aspect of their operations, the hotel food & beverage industry is proceeding with cautious optimism and a measure of hope as it re-emerges from the pandemic's darker days. It is also bringing forward all the lessons learned from the challenges that were faced, and integrating them into their current, day-to-day operations. For example, new digital interfaces that minimize physical contact, including tableside ordering systems and QR code menus. Here to stay are also features such as packaged room service meals and cocktails; on-property, quick-service food options; a greater emphasis on outdoor dining and pop-up restaurants; gourmet home meal kits; live-streamed cooking classes; and virtual wine-tastings. Still, some challenges remain, such as coping with a persistent labor shortage and maintaining scrupulous sanitation standards. The August issue of the Hotel Business Review will report on what some leading hotels are doing to integrate these changes into their F&B operations as they rebound with a remarkable resiliency.