HOTEL INVESTMENT AND management company Banyan Group has announced that its $35 million Banyan Lodging Enhanced Value Fund has been fully subscribed. The
final participants were domestic and foreign families, a statement said.
The BLEV, or "Believe" fund offers an opportunity for investors to purchase hotels that have been impacted by the on-going COVID-19 crisis, the statement added.
"Interest in our BLEV fund has risen steadily since our original announcement earlier this year, as evidenced by how quickly the raise was completed, to the point
where we now actually are over-subscribed," said Rakesh Chauhan, managing partner and CEO, Banyan Investment Group. "We already have our sights on several respected
hotels in strong markets with high barriers to entry and multiple demand generators to help offset any potential economic headwinds that could arise in the future.
We look forward to a successful run with our partners and fully expect this to be a profitable endeavor for all involved."
