ATLANTA-Noble Investment Group reports the closing of its dedicated hospitality investment fund, Hospitality Fund II, which was oversubscribed with $220 million in equity commitments that far exceeded its cap.
The Atlanta-based lodging and hospitality real estate investment firm says that state and corporate pension plans, university endowments and foundations and principals of Noble Investment invested in the fund. Approximately 75% of the capital for Noble Hospitality Fund II was committed by repeat investors and those with a long term relationship with the firm, the company states. Noble Hospitality Fund II has a two-year commitment period.
"We have been actively investing our new fund since the third quarter of last year and we will continue to utilize our exceptionally strong relationships throughout the lodging industry to source opportunities as well as our internal core competencies to execute our investment strategy," states Rodney Williams, Noble's chief investment officer and managing principal.
During the past 12 months, Noble has acquired or opened 10 hotels representing approximately $300 million in investments.
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