from Starwood Hotels & Resorts for $88.4 million
Represents First Part of a Strategic Plan to Acquire Portfolio of Luxury and
Upper Upscale Assets from Starwood
BEACH, Calif., January 25, 2006—Officials of Noble Investment Group,
of the hospitality industry’s leading owner/operators of upscale and
branded hotels, today announced that it has acquired the 460-room
Long Beach in California from Starwood Hotels & Resorts Worldwide,
Inc., for $88.4 million. The acquisition is Noble’s first in a
strategic acquisition and investment program with
Shah noted that the Westin Long Beach is the company’s first West Coast asset. “The hotel is in superior physical condition, having completed more than $8 million in renovations during the past year, and is located in one of the fastest growing markets in California,” Shah said. “We believe the implementation of Noble’s proprietary management and marketing systems will allow us to optimize what we see as significant upside potential for this hotel.”
Rodney Williams, Noble’s chief investment officer, said the company’s investment plan includes additional acquisitions, as well as new development. “We are focused on prominent markets throughout the country where we can develop or acquire luxury and upper-upscale, full-service hotels and resorts, as well as premium, urban, upscale and mid-market properties,” he commented. “We have particular expertise in turn-around situations where using our development and management core competencies will add significant value and create a strong return on invested capital.
“On the development side, we are involved in a number of urban, mixed-used projects where we are vertically stacking upscale, mid-market lodging within a retail and residential complex. We expect to continue to balance a healthy acquisition appetite with our consistent approach to development.”
Located in downtown Long Beach on Ocean Blvd., the 16-story Westin is across the street from the Long Beach Convention and Entertainment Center, and one mile from the Pacific Ocean and the Ports of Long Beach and Los Angeles. The upscale hotel offers a wide array of amenities, including a WestinWORKOUT® Powered by Reebok gym, lobby bar, the Grille Restaurant and an outdoor heated swimming pool. Rooms are equipped with high-speed Internet access, as well as data ports with two line telephones.
“Long Beach is a very attractive destination for meetings,”
Morse, Noble’s chief operating officer. “The city has a number of
major tourist attractions, and there are several excellent, upscale
and restaurant offerings in the area surrounding the hotel. The
Noble Investment Group is a leading, national hospitality organization that makes ownership investments in luxury and upscale hotels, resorts and convention/conference centers. The company is a pre-eminent developer of first-class hospitality and mixed-use developments, as well as an award-winning operator of independent destination resorts and upscale hotels affiliated with Marriott, Hilton, Starwood and InterContinental Hotels Group. Currently, Noble operates more than 5,000 hotel and resort guest rooms, including more than 600,000 sq. ft. of meeting space, convention and conference centers, championship golf courses, spas, and fine dining operations, together with approximately 7,000 hotel rooms operated by Alliance Hospitality Management, a majority-owned affiliate of Noble.
Since 1979, Noble Investment Group and its predecessors have developed and acquired over $1.4 billion in hospitality assets. In the past twelve months, the company began construction on and/or acquired an aggregate of $400 million in hospitality investments.
Noble Investment Group
|Also See:||Noble Investment Group Adds Depth to Development Division, Formerly Known as Stormont Noble Development; Currently Has More than $600 million in Projects Under Design and Development / January 2006|