News for the Hospitality Executive |
ATLANTA, Oct. 3, 2012 -- Noble
Investment Group ("Noble"), a leading private lodging and hospitality
organization, announced the acquisition of the Embassy Suites
Cleveland/Beachwood. Noble will invest $8.6 million in property
improvements that will significantly upgrade and enhance its amenity
offerings and guest experiences. The 216-room hotel is prominently
located near several public and private corporate headquarters such as
Developers Diversified Realty Corporation, Aleris, TOA Technologies and
the soon-to-be completed US headquarters of Eaton Corporation. The
hotel is also proximate to first class retail and dining offerings, the
new state-of-the-art University Hospitals Ahuja Medical Center and Case
Western Reserve University.
"We are pleased to make this investment, our 17th over the past sixteen months, in a market with a strong mix of new and existing stable demand generators," said Rodney Williams, Noble's chief investment officer and a managing principal. "Noble was able to acquire this asset at a substantial discount to replacement and will invest nearly $40,000 per suite to maximize the assets position within this vibrant marketplace." About Noble Investment Group Founded in 1993, the Noble organization specializes in making value-added, opportunistic investments in the lodging and hospitality real estate sector. Through its private equity real estate funds, Noble has invested more than $2 billion in upper upscale and upscale hotels located throughout the United States which are affiliated with premium brands by Marriott, Hyatt, Starwood and Hilton. For additional information, please visit www.nobleinvestment.com
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Contact:
Bonnie
Herring Director, Corporate Communications Noble Investment Group (404) 262-9660 [email protected] |