Joint Venture Acquires 112-Suite Hotel

The hotel is located at 10775 Davis Dr., just off Georgia 400 at Exit 8 and Mansell Road. It is within walking distance to restaurants, the 100-store upscale North Point Mall and the Cooler, an ice skating facility. Hotel amenities include an outdoor swimming pool, meeting facilities, guest laundry facilities and on-site cardio exercise room. The acquisition price was not released. Noble Investment Group vice president strategic investments Adi Bhoopathy tells GlobeSt.com that the acquisition was attractive for a number of reasons. "We the Homewood Suites brand, we consider it one of the top tier extended stay brands," he says. "This asset also has a good location and excellent visibility. It is close to demand generators, such as the mall, ice rink and restaurants."

"This marks our fifth acquisition so far this year," says Noble president and CEO Mit Shah. "After a comprehensive physical property improvement plan, we believe the implementation of our proprietary management and marketing systems will position this asset as a market leader."

Last month, Noble Investment Group acquired the 467-room Sheraton Colony Square hotel in Midtown for $48.5 million in a joint venture with Boston-based AEW Capital Management LP. Following a $50-million renovation, the landmark hotel will be converted into a W Hotel in late 2007.

Bhoopathy adds that the hotel was constructed in 1998 and is in good condition, but Noble plans to spend money to upgrade the "soft goods." "We plan to do interior upgrades, such as changing the kitchen countertops and changing the bedding," he says.