| June 27, 2001 - Atlanta-based Noble Investment Group has purchased
the 300-room Franklin Marriott Cool Springs Hotel in Franklin, Tennessee
for $32.5 million from a partnership of Stormont Trice Corporation and
Regent Partners. Franklin is incorporated with Brentwood in Williamson
County, which is among the fastest-growing counties in the United States,
is the wealthiest county in the state of Tennessee and is the nation�s
11th wealthiest county. Cool Springs is Tennessee's strongest and
fastest-growing commercial development, with 1,050 acres of gleaming new
class-A office facilities, retail space, restaurants, and the Cool Springs
Galleria, which is Tennessee's second largest mall.
 The
11-story Marriott features 300 guest rooms, including four spacious
executive suites, and two floors of concierge rooms and lounge, plus an
indoor pool, health club, and the award-winning 140-seat Lorraine�s Bistro
restaurant. It is located 20 miles south of the Nashville airport
and opened in May of 1999.
The hotel is connected to the 29,000 square-foot Cool Springs Conference
Center, which is the third-largest meeting space in middle Tennessee.
Owned by the City of Franklin and Williamson County, the Cool Springs Conference
Center will also be operated by Noble.
| �Noble was built on the dream and
vision of a family committed to integrity, service, and quality � and it
delivers on those promises every single day,� said J.W. Marriott, Jr.,
Chairman of the Board and CEO of Marriott International, Inc. �That�s
why we are so proud that Noble is a significant franchise partner of Marriott.�
�Noble is actively expanding its presence in key U.S. cities, and the
greater Nashville area is one of the country�s most vibrant destination
markets for both business and leisure travelers,� said Mitesh |
Mitesh �Mit� Shah
President and COO
Noble Investment Group
|
�Mit� Shah, President and Chief Operating Officer of Noble, which owns
and operates 25 hotels primarily under premier brands affiliated with Marriott,
Hilton, and Bass Hotels & Resorts.
| �The business and civic leaders in
Williamson County and the city of Franklin have created a very progressive,
professional, and positive environment for travel and tourism,� added Shah.
�With this architecturally stunning Marriott Hotel and the Cool Springs
Conference Center, we look forward to being an active and integral part
of the community�s growth.�
James R. �Jay� Johnson, City Administrator of the City of Franklin,
added, �The Marriott Hotel and Cool Springs Conference Center have exceeded
our expectations both as a premier location for community events for our
residents as well as a destination for statewide conferences, which has
had a positive economic impact on our community. We look forward
to a new and long-term partnership with Noble Investment Group.�
That sentiment was echoed by John Whisenant, Executive Director of the
Williamson County Convention and Visitors Bureau: �The meetings and conference
market has literally exploded in Williamson County over the last several
years, due primarily to the Cool Springs Conference Center and the Franklin
Marriott Hotel. We�re confident that the outstanding executive management
team at Noble Investment Group will bring continued success and even greater
growth to this market in the future.�
The Franklin Marriott continues Noble�s strategic expansion, which has
repeatedly earned the company a rating as one of the industry�s fastest-growing
and top hospitality companies. During the past year alone, Noble has |
Fact Sheet
As of June, 2001
-
Noble is known and respected for its industry-leading brand
alliances, balance sheet strength, and management expertise. These
components drive Noble�s mission � they have established it as a pre-eminent
hospitality company � and they are the basis for its long-term value.
-
Noble is a privately-held company that currently owns and
operates 20 properties throughout the eastern United States, representing
about $200 million in assets. During the past 12 months, it has successfully
pursued an acquisition strategy that is aggressive, yet responsible --
and that has doubled the company�s asset size.
-
The company currently forecasts annual revenues of about
$60 million in 2001 and $75 million in 2002.. During the five-year
period from 1995-2000, the company outpaced by 2 to 1 the returns of such
leading financial indexes as the Dow Jones Industrial Average, the Standard
& Poor�s 500, and NASDAQ.
-
Noble was founded in 1979 by Dr. Bharat Shah, PhD and CHA,
who today remains active as Chairman and Chief Executive Officer (CEO).
Serving as President and Chief Operating Officer (COO) is Mitesh �Mit�
Shah, who directs both day-to-day operations and long-term strategic planning
with a team of distinguished senior executives that includes:
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Mark Rafuse, CPA, Vice President and Chief Financial Officer
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Rajesh B. Shah, Vice President of Strategic Investments
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Steven Nicholas, CHA, Vice President and Chief Quality Officer
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William Oliver, Corporate Director of Operations and Acquisitions
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Amanda Martin, Corporate Director of Sales and Marketing
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Rick Evans, SPHR, Corporate Director of Human Resources
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Richard Jones, Corporate Director of Operations & General
Manager, Crowne Plaza/Atlanta Buckhead
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Noble has repeatedly won awards from the hospitality industry�s
leading franchise companies and trade publications for its outstanding
achievements in quality, service, development, and financial performance.
|
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acquired, opened, or started development on more than $100 million in assets.
Later this year, Noble will hold the grand opening of its newly transformed
300-room Crowne Plaza in the heart of Atlanta�s Buckhead district.
The property was acquired last July and has undergone a $14 million conversion.
In addition, Noble broke ground in Tampa earlier this year on a $16
million, 153-room Hilton Garden Inn, which will open in January of 2002
and is Noble�s third property under this brand. The company is scheduled
to start construction by year-end on a Courtyard by Marriott in Chapel
Hill, North Carolina.
Founded in 1979, Noble has won numerous industry awards for excellence
in service and development, and is one of a select group of companies approved
by Marriott as full-service hospitality operators. Less than 50 firms
in the world have earned this honored designation.
During the past six years, Noble Investment Group�s financial performance
has outpaced the returns of such leading economic indicators as the Dow
Jones Industrial Average, NASDAQ, and the Standard & Poors 500.
The company currently owns or has under development nearly $200 million
in assets, and revenues for year 2001 are expected to approach $60 million. |
