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