Noble Group investing $1 billion on hotels over three years
Noble Investment Group, a leader in the lodging and hospitality industry, announced the closing of a Noble Fund with $310 million in equity commitments. Comprising seven institutional investors, this fully discretionary Noble Fund is the organization's third private equity fund and when combined with prudent debt leverage, will have the capacity to acquire and develop more than $1 billion in lodging assets. "Our same-store hotels outperformed their respective market competitive sets by more than 67 percent while significantly improving profit margins across the board," said Mit Shah, Noble's CEO and senior managing principal. In 2006, Noble utilized its diverse strategic platforms to invest more that $500 million in assets, such as the acquisition of the Westin Long Beach, Calif., and the Sheraton Colony Square currently under redevelopment into the W Hotel Atlanta-Midtown. Currently, Noble operates more than 7000 hotels and resort guest rooms, convention and conference centers with more than 8000,000 sq. ft. of meeting place, as well as championship golf, day and resort spas, upscale restaurants, and branded retail coffee shops.
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