US investor nabs 14 sites for renovation
Atlanta-based Noble Investment Group has acquired 14 hotels across the Marriott International, Hilton Worldwide and Hyatt Hotels Corporation brands.
Noble will now invest in physical enhancements across the US properties, including Marriott’s Renaissance Raleigh North Hills Hotel in North Carolina (pictured), while optimising operations to drive market share and increase profitability.
Increasing investments
The latest Marriott, Hilton and Hyatt deal continues a dynamic strategy for the real estate investment manager this year, after having formed a strategic partnership with lodging real estate investment trust Host Hotels & Resorts in February. Host made a $150 million capital commitment as a limited partner in an existing Noble investment vehicle.
This was followed by Noble buying Hilton Garden Inn Boise Downtown in June, capping more than $1 billion of investment activity over the past year.
Capitalising on hospitality
Noble’s CEO Mit Shah analysed: “Since the second quarter of last year, Noble has invested more than $1.5 billion across the United States in 40 hotels with approximately 6,000 rooms as we continue to capitalise on the thematic opportunity in travel and hospitality.”
The firm’s chief investment officer, Ben Brunt, added: “The acquisition of these premium branded hotels is consistent with our strategy to invest in well-located assets in high growth markets with healthy business and leisure demand.”
Related Articles
Momentum builds in Northern Ireland
Northern Ireland’s hotel sector is expected to see around GBP300m of investment in development and refurbishment, over the next five years. Already, nine hotel projects are under way, according to an update from the Northern Ireland Hotels Federation, a trade body...
Fairfield’s European rollout begins
Marriott International has launched its Fairfield brand in Europe, with the opening of a Fairfield branded hotel in Copenhagen’s Nordhavn harbour district. The Danish property is the first of several now in the pipeline as the brand expands internationally. Despite...
Outlook improves in European hotel markets
According to consultants HVS, transaction volumes were down 19% overall on the previous year, and at EUR10.7bn, were the second lowest level recorded in the last decade. The average price per room sold was also down 16%, at EUR197,000., they reported in the annual...
Abu Dhabi sets out growth plan
The rulers of Abu Dhabi have approved a new tourism strategy to drive growth in visitors to the emirate, over the next few years to the 2030 milestone. In common with other parts of the region, the focus is on broadening the area's appeal to international tourists,...
Cheval joins GHA
Serviced apartment group Cheval Collection has signed to link its portfolio to the Global Hotel Alliance, recognising the value of being part of a larger loyalty programme as it seeks to grow its international presence. The GHA, which lays claim to being the world's...
Brands chase Indian growth
India’s hotel market enjoyed a fourfold increase in investment volumes in 2023, with USD401m of properties traded. A market report from agents JLL notes that while one third of these transactions were forced by insolvency processes, fully 25% of the deals involved...
