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.
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.”
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