Banyan Investment Group, a hotel investment and management company, has completed the acquisition of the 101-room Hotel Indigo Tuscaloosa Downtown in Alabama.
It will operate the hotel and oversee a $500,000 refurbishment of The Lookout, downtown Tuscaloosa’s only rooftop bar, besides the public areas of the hotel.
This deal represents Banyan Investment Group’s ninth acquisition from its recently launched BIG Hotels LP I, LLC fund.
Banyan Investment Group founding principal and chief investment officer Andy Chopra said: “We continue to seek hotel acquisition opportunities that meet our strict criteria, namely strong brands in well-established markets with recession-resistant demand generators like universities and hospitals.
“The recently built, Silver LEED-certified hotel further benefits from its unmatchable location immediately off the Tuscaloosa Riverwalk with direct views of the Tuscaloosa Amphitheater, the largest outdoor music venue in West Alabama.
“Following the completion of the nearly half-million-dollar refurbishment of the Lookout rooftop bar, along with improvements made to hotel public areas, we fully expect the hotel to increase its bottom-line profitability with the goal of the exceeding yield expectations for our investors.”
Located at 111 Greensboro Avenue in downtown Tuscaloosa overlooking the Black Warrior River, the hotel spanning five floors is proximate to the Tuscaloosa Riverwalk, a 4.5-mile paved trail for bikers, walkers and runners.
Furthermore, the hotel is near the University of Alabama, Bryce Hospital and DCH Regional Medical Center.
Its guest rooms have walk-in showers, hardwood floors, complimentary Internet access and oversized work desk.
Among the additional amenities provided by the hotel include a business centre, round-the-clock fitness centre, 2,530ft2 of meeting space, as well as multiple food & beverage options.
Its Shoals Bar & Kitchen, a full-service restaurant, offers American-style food with Southern flair.
The Lookout is downtown Tuscaloosa’s only rooftop bar.