Noble Acquires Portfolio of Marriott, Hilton, and Hyatt Branded Hotels
Main Photo: Hyatt House Tallahassee Capitol – University
Date: December 2021
Names: Residence Inn by Marriott Charlottesville Downtown, Hyatt House Tallahassee Capitol – University, and the Hampton Inn & Suites Tallahassee Capitol – University.
Location: Charlottesville, Virginia and Tallahassee, Florida, USA
Number of Keys: 368
Seller: TBA…The Residence Inn opened in March 2016, and was owned and managed by VIM Inc of Buckhannon, West Virginia
Buyer: Noble Investment Group
Noble Investment Group has acquired the Residence Inn by Marriott Charlottesville Downtown, Hyatt House Tallahassee Capitol – University, and the Hampton Inn & Suites Tallahassee Capitol – University.
These newly built hotels are in strong growth markets. The Residence Inn by Marriott Charlottesville Downtown is centrally located along Main Street in Charlottesville, Virginia. The city is home to the 27,000-student University of Virginia, the 631-bed UVA Medical Center, and notable leisure landmarks such as Thomas Jefferson’s home at Monticello and the Monticello Wine Trail.
Additionally, the Charlottesville Historic Downtown Mall provides more than 120 retail outlets and 30 restaurants within walking distance. The new $120 million, 14-acre UVA School of Data Science broke ground in October 2021 and will add to the growing presence of university demand.
The Hyatt House Tallahassee Capitol – University and Hampton Inn & Suites Tallahassee Capitol – University hotels are centrally located in downtown Tallahassee, Florida. As the state capital, the city serves as the epicenter of Florida’s state government. It is home to Florida State University (“FSU”) and Florida A&M University, with approximately 40,000 full-time students.
The area is also home to FSU’s 79,560-seat Doak Campbell Stadium and is projected for solid growth with the addition of the $88.0 million FSU College of Business Legacy Hall and the late-2022 delivery of the $200.0 million, 630,000 square foot Amazon Robotics Fulfilment Center.
Earlier this month, Noble Investment Group raised $360 million for its latest US hotel investment fund, according to sources.
The Atlanta-based investment manager is seeking to raise $800 million and a $1 billion hard cap for Noble Hospitality Fund V, a fund which acquires existing hotel assets with some value-add potential. Noble raised $450 million in 2018 for its fourth fund and an additional $200 million in co-investment capital.
The Missouri Local Government Employees Retirement System said it recently issued a $40 million commitment to Fund V.
The fund will be investing in select service and extended stay hotels.
Founded in 1993, Noble Investment Group is a minority-owned real estate investment manager with a diverse team specializing in the upscale U.S. lodging sector. Through its institutional real estate funds, Noble has invested nearly $5.0 billion in communities throughout the country, adding value across cycles and creating thousands of jobs.
As a signatory to the UNPRI and a fiduciary to foremost pensions plans, endowments, and foundations, Noble’s endeavors help to preserve and grow its limited partners’ capital, which assists in providing retirement benefits for our country’s teachers, law enforcement, firefighters, other pensioners, and financial resources for students to attend college.
Price: Undisclosed
THPT Comment: Further evidence of investor interest in branded properties in locations serving both business and leisure customers. Noble has the funds in place to continue their acquisition spree
First Seen: Hotel-online.com
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