The buyers plan to invest another $3 million in capital improvements at the property over the next 12 months. Noble will manage the property. The hotel will remain a Westin-branded property at 7 Concourse Parkway at the intersection of Interstate 285 and GA 400 in the Concourse Office Park.
At the closing, Mit Shah, Noble's president and CEO, called the hotel "an exceptional asset to Noble's growing institutional quality portfolio." Shah says he is confident "the hotel will be able to take advantage of the growth in the Atlanta economy and quickly establish itself as a market leader."
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