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Noble Investment Group and Interstate Hotels & Resorts Form
New Dedicated Hotel Management Platform
Interstate Acquires Noble Management Group, Will Now Operate as Noble-Interstate Management Group
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News for the Hospitality Executive |
| ATLANTA/ARLINGTON, Va., November 1, 2011—Noble
Investment
Group (Noble), a leading lodging and hospitality investment
organization, and
Interstate Hotels & Resorts (Interstate), the United States’
largest
independent hotel management company, announced today that Noble’s
hotel
operating business, Noble Management Group, has become part of the
Interstate
organization. Based in Atlanta, this dedicated management
division of
Interstate now operates as Noble-Interstate Management Group and is
responsible
for the management of Noble’s existing and significantly expanding
portfolio of
hotels. Interstate has an outstanding reputation as a highly respected operating organization that has had great success in driving returns for large ownership groups through dedicated management platforms. This strategy immediately adds approximately 60 high-quality hotels to Interstate’s management portfolio, which now encompasses nearly 400 hotels worldwide. Since 1993, Noble has been recognized as a preeminent owner and developer of premium branded upper-upscale and upscale hotels throughout the United States. Through its discretionary, real estate private equity funds, Noble has invested more than $2 billion in lodging assets, including 11 new investments to date this year. This new management platform allows Noble and its senior leaders to remain focused on sourcing value-added investment opportunities, executing asset repositioning strategies and asset managing its owned hotel portfolio. The longstanding relationships between the senior leaders at both Interstate and Noble helped enable the creation of this new management platform. Jim Abrahamson, Interstate’s chief operating officer and chief executive officer designate, has developed strong professional and personal relationships with Noble and its senior leaders over the past two decades. In addition, prior to joining Noble in early 2005 as a partner in charge of asset management, Bob Morse served as chief operating officer of Interstate. “Noble Management Group brings a portfolio of high-quality branded hotels and outstanding operating talent to the Interstate organization,” Abrahamson said. “This underscores the confidence of major hotel real estate investors in Interstate and further leverages our exceptional platform of associates, business intelligence systems and global management infrastructure.” Tom Hewitt, chairman and chief executive officer at Interstate, concurred by adding, “We have brought together two industry leading operating organizations, which will enable a built-in growth platform for both companies, truly a win-win arrangement benefitting owners, investors and associates at Interstate and Noble.” “In an increasingly complex and competitive business environment, this marks an unparalleled opportunity for two successful, mission-driven operating companies to put in place the infrastructure and resources that we believe will deliver great value to Noble’s portfolio of hotels,” said Mit Shah, Noble’s chief executive officer. “The combination of Interstate and Noble Management Group’s strong operating platforms immediately advances the ability to optimize revenue and profitability throughout all of Noble’s hotels, provides significant future growth opportunities for members of our operating team, and allows Noble’s senior leadership to focus on executing our increasingly active investment pipeline.” About Noble Investment Group Founded in 1993, the Noble organization is a value-added investor that specializes 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 and resorts throughout the United States which are affiliated with premium brands by Marriott, Hyatt, Starwood, and Hilton. The organization’s current discretionary real estate fund represents $310 million of capital commitments. For additional information, please visit www.nobleinvestment.com. About Interstate Hotels & Resorts Interstate Hotels & Resorts, Inc., a wholly-owned subsidiary of a 50/50 joint venture between subsidiaries of Thayer Lodging and Jin Jiang, is the United States' leading hotel management company, operating branded full- and select-service hotels and resorts, conference centers and independent hotels worldwide. The company and its affiliates manage and/or have ownership interests in nearly 400 hotels with more than 69,000 rooms in 40 states, the District of Columbia, China, Russia, India, Mexico, Belgium, Canada, Ireland, England and the Netherlands. The company has ownership in 57 of those hotels, including six wholly owned assets. Interstate Hotels & Resorts also has executed agreements for 25 hotels with over 5,000 rooms under construction or development throughout the world. For nearly two decades Interstate Hotels & Resorts has been operating hotels outside of the United States. The company's global hotel management platforms in Western Europe, Russia, India and China provide the resources and infrastructure necessary for comprehensive hotel management operations, sales and marketing, revenue management, e-commerce, procurement, food and beverage operations and technical services for hotel owners and developers seeking a proven and experienced hotel management company. For additional information visit the company’s website: www.ihrco.com. |
| Contact:
Jerry
Daly, Carol McCune Media Daly Gray, Inc. (703) 435-6293 [email protected] Carrie McIntyre SVP, Treasurer Interstate Hotels & Resorts (703) 387-3320 [email protected] Bonnie Herring Director, Corporate Communications Noble Investment Group (404) 262-9660 [email protected] |