Banyan Investment Group Buys Alabama Hotel
- Aug 30, 2019
Chance Partners LLC has sold the 101-key Hotel Indigo Tuscaloosa Downtown in Tuscaloosa, Ala., to an affiliate of Banyan Investment Group. An HREC Investment Advisors team of Monty Levy and Scott Stephens represented the seller in the deal.
Hotel Indigo Tuscaloosa Downtown is located at 111 Greensboro Ave., along the 4.5-mile Tuscaloosa Riverwalk, which overlooks Black Warrior River. The hotel opened in the fall of 2016 and was the city’s first riverfront hotel, as well as the state’s first Hotel Indigo property. Situated 2 miles from the University of Alabama campus and the Kentuck Art Center, the property features amenities including two on-site restaurants, free parking, a fitness center and meeting facilities. Room interiors feature free Wi-Fi, flat-screen TVs and floor-to-ceiling windows.
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In 2017, the hotel achieved LEED Silver certification from the United States Green Building Council, just the second hotel in the state to receive the certification. Among its sustainable features, Hotel Indigo Tuscaloosa offers guests charging stations for electric vehicles, a highly reflective TPO roof, which reduces heat effects and low-flow plumbing fixtures throughout the property. Additionally, the hotel was built using 35 percent recycled material and 44 percent regionally sourced material.
Banyan Investment Group has been active in the hospitality sector. Last year, the firm acquired two Hilton hotels in Georgia: the 120-key Hilton Garden Inn Columbus and the 91-key Homewood Suites by Hilton Columbus. Banyan assumed operations of both hotels following the acquisition.