A Dubai investment company has announced a deal with a US company to buy a hotel in Kentucky which it plans to revamp over the next few months.
Investra Investments and Banyan Investment Group said they have purchased the Comfort Suites in Newport, Kentucky, located on the Ohio River.
The six-storey, 124-all suites property will undergo a $1.75 million renovation during the next few months, they said in a statement.
Built in 1997, the hotel includes amenities such as a business centre, a fitness centre, three conference rooms, 10 two-room presidential suites with wet bars and whirlpool tubs.
This is the fifth transaction together for Banyan and Investra during the past 18 months, bringing the value of their joint portfolio to more than $80 million in acquisition and improvement costs.
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"This latest acquisition is an important step forward toward our company's objective of establishing an initial portfolio that exceeds $100 million, that consists of select service hotels, and that is built on a value-added strategy," said Mobeen Jassat, senior principal with Dubai-based Investra.
"With a US presence, we have expanded rapidly and responsibly in North America - and we are pro-actively reviewing additional growth opportunities within the hospitality sector."
Investra Investment, headquartered in Dubai, is a commercial real estate investment firm that manages a portfolio across various real estate asset classes in the United Kingdom and the United States.
The company manages more than $500 million in assets.
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