Noble Acquires Two Hotels to be Redeveloped as the Hyatt Atlanta Midtown and Memphis Marriott East
Noble Investment Group ("Noble"), a leading lodging and hospitality investment organization, announced it completed more than $350 million in real estate investments over the past twelve months, increasing Noble's owned asset portfolio by 14 hotels. Most recently, Noble has acquired the Hotel Midtown in Atlanta and the Holiday Inn Memphis East. Currently, these transient oriented full service hotels are each undergoing a comprehensive repositioning and will be rebranded as the Hyatt Atlanta Midtown and the Memphis Marriott East, respectively.
"These acquisitions represent Noble's ability to source opportunistic investments that best utilize our value-adding core competencies," said Mit Shah, Noble's chief executive officer. "The Hyatt Atlanta Midtown and the Memphis Marriott East redevelopments are strong examples of our ability to renovate and reposition first class real estate to optimize a hotels physical space, brand affiliation, and operational performance in order to maximize revenue potential and create stable yield."
The 191-room Hyatt Atlanta Midtown will open in early 2013 after a $21 million redevelopment. The 191-room hotel is prominently located on the corner of Peachtree Street and 10th Street in the heart of Atlanta's vibrant Midtown Mile. Midtown Atlanta is home to Georgia Tech University, Emory University Hospital Midtown and the corporate headquarters for organizations such as The Coca-Cola Company, Equifax, and Invesco. The hotel is located directly across Peachtree Street from the Atlanta Federal Reserve Bank and is proximate to headquarter offices for law firms Sutherland, King & Spalding, Alston & Bird, Troutman Sanders, and Kilpatrick Stockton.
Midtown is also the epicenter of Atlanta's vast music, arts and cultural scene which includes the famed Fox Theatre, Atlanta Ballet, Woodruff Arts Center, Atlanta Symphony Orchestra, Alliance Theatre and the High Museum of Art. The hotel's exterior will undergo a substantial visual transformation with the removal of the old facade and the creation of a modern architectural design. The Hyatt Atlanta Midtown will also receive a complete renovation of its guest rooms and public spaces with a design focused on a contemporary style of elegance and sophistication to complement the urban Midtown Atlanta vibe.
The 243-room Memphis Marriott East will open in the fourth quarter of 2012 after a $19 million dollar comprehensive repositioning of the asset. The hotel is located along Memphis's eastern corridor perimeter beltway at the intersection of I-240 and Poplar Avenue. In addition to a strong medical infrastructure, East Memphis is home to more than 7.7 million square feet of office space which includes the executive headquarters for Federal Express, International Paper, ServiceMaster and world headquarters of Fortune 500 companies. The exterior of the Memphis Marriott East will be completely modernized and the interior will include upgraded guest rooms, reconfigured public spaces including a new restaurant and bar, the incorporation of the Marriott Great Room lobby, and enhancement of the more than 10,000 square feet of meeting and event space.
About Noble Investment Group
Since 1993, Noble has specialized in making value-add, opportunistic and income investments in upscale select service and extended-stay hotels affiliated with Marriott, Hyatt, Hilton and Intercontinental. Through its private equity real estate funds, Noble has invested more than $3 billion in communities throughout the United States, creating thousands of jobs. As a fiduciary to state pensions, university endowments and foundations, Noble’s endeavors help to preserve and grow our limited partners’ capital which provides retirement benefits for millions of our country’s teachers, policemen and firefighters as well as financial resources for students to attend college. For more information, please visit www.nobleinvestment.com.