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 Noble Investment Group Acquires Former Wyndham Metairie Hotel in New Orleans, La.; 
Hotel to Re-Flag as Sheraton Brand Following Multi-Million Dollar Upgrade
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NEW ORLEANS, La., May 11, 2006 — Officials of Noble Investment Group, one of the hospitality industry’s leading owners and operators of luxury and upscale hotels, today announced that it has acquired the four-year-old, former Wyndham Metairie Hotel in the New Orleans airport market.  This summer, following a multi-million dollar upgrade, the hotel will convert to the Sheraton brand.

“Noble is pleased to make this investment in the greater New Orleans market,” said Mit Shah, Noble’s president and chief executive officer.  “The area continues to be in a recovery phase following the devastation of Hurricane Katrina, but Metairie and the airport area economy are coming back on-line more quickly, and we believe the long term growth potential of this area is strong.”

“With the return of leisure and convention business, the Sheraton brand and Noble’s implementation of our proprietary management and marketing programs, we believe this hotel will quickly become a market leader,” commented Rodney Williams, Noble’s chief investment officer.

The conversion to the new hotel will include upgrades to meet Sheraton’s brand standards.  The hotel will receive an enhanced exterior appearance, as well as the addition of a sundries alcove, business center and Sheraton Club lounge.  

Located in the southeast quadrant of Causeway Blvd. and I-10 in Metairie, the seven-story hotel is equal distance from downtown New Orleans and the New Orleans International Airport.  In addition to an adjoining 152-space garage, hotel amenities include 5,300 square feet of meeting space, Hedges Bar and Grille, fitness center and outdoor swimming pool.  Other guest services will include the Sheraton Club Level with upgraded room amenities and an exclusive Club Lounge.  One- and two-bedroom suites offer a warm fireplace and oversized soaking tub and/or wet bar.

Noble Investment Group, through its private equity real estate investment platforms, is one of the nations leading owners and investors in the lodging sector. The organization’s value-added core competencies are as a preeminent 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, Starwood, Hilton, and InterContinental Hotels Group.  Currently, Noble operates more than 6,000 hotel and resort guest rooms, including more than 750,000 sq. ft. of meeting space, convention and conference centers, championship golf courses, spas, and fine dining operations. 

Noble and its predecessors have acquired and developed over $1.3 billion in lodging and hospitality assets.  Since 2005, the organization acquired and developed more than $500 million in lodging and hospitality investments. For more information on Noble, call (404) 262-9660, or go to www.nobleinvestment.com.

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Contact:

Noble Investment Group
(404) 262-9660
www.nobleinvestment.com
 

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Also See: Noble Investment Group Planning to Build an aloft - Starwood's New Brand, in Charlotte; 176 room Hotel Will be Built Above Entertainment-Retail Complex / February 2006
Noble Investment Group Acquires the 460-room Westin Long Beach from Starwood Hotels & Resorts for $88.4 million / January 2006

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