Florida-based hotel investment and management company, Banyan Investment Group, acquired the 89-room Fairfield Inn & Suites by Marriott Peoria East. The company also will operate the hotel, its eighth acquisition from its recently launched BIG Hotels LP I, LLC fund.
“Due to our strong and longstanding industry relations, we were able to source this deal off-market at an attractive price at better-than-replacement costs,” said Rakesh Chauhan, president and CEO, Banyan Investment Group. “Equally important, this recently constructed property meets all our of acquisition criteria: it’s a strongly branded hotel in a market with exceptional demand generators that are able to better weather any fluctuations in the economy. Peoria is a strong and stable market, and we look forward to becoming an active member of the community.”
Located at 200 Eastlight Court, East Peoria, Illinois, the four-story hotel is situated at the Main Street Exit #95 off I-74. The hotel is in proximity to the Peoria Civic Center, Bradley University, Peoria International Airport, Caterpillar Corporate Headquarters, Peoria Civic Center, Bradley University, OSF St. Francis and Methodist Medical Centers and the Par-A-Dice Riverboat Casino. Guest rooms provide flat-screen televisions, complimentary Wi-Fi and desks with ergonomic chairs while hotel amenities include a full kitchen with utensils, fitness center, indoor pool, hot tub, full-service laundry and 24/7 business center.
