Banyan Investment Group (BIG), a vertically integrated hotel investment company that acquires select-service hotels in the United States, has held a first closing of its Banyan Lodging Enhanced Value Fund (BLEV), with $20 million in commitments. BLEV has a hard cap of $35 million.
BLEV will invest in well-respected branded and independent hotels, located mainly in primary and secondary markets with multiple business and leisure demand generators. Targeted hotels will be highly transient-demand-oriented and range from 100 rooms to 350 rooms. BLEV will focus on high-barrier-to-entry hotel locations, targeting properties with significant discounts to replacement costs and/or historical sale prices.
“The hospitality industry continues to reel from the COVID pandemic and its uneven recovery, and many markets continue to suffer from a sustained, record decline in hotel performance, a lack of liquidity in the capital markets and value dislocation,” said Andy Chopra, manag
