X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-Locally based Noble Investment Group has reached an agreement to acquire six AmeriSuites hotels from an affiliate of Global Hyatt Corp. The acquisition price was not released.

The hotels, which consist of 754 rooms in six markets, will be converted to the new Hyatt Place brand by the end of the year. Noble managing principal and CIO Rodney Williams tells GlobeSt.com that the hotels are located in Atlanta; Charlotte, NC; Greenville, SC; Dallas; Topeka, KS; and Roanoke, VA.

The acquisition of the six hotels, along with the completion of the management conversion of the Hyatt Vineyard Creek Hotel and Spa in Sonoma County, CA, marks the start of a new relationship between Noble and Hyatt.

“We were approached by Hyatt to form a strategic partnership,” Williams says. “This was an off-market deal which made it attractive.”

Noble will spend $30,000 per room to complete the conversion, which will include a reconfiguration of lobbies and gutting of the rooms. The number of units in the hotels will remain the same. The converted properties are expected to open in the first quarter of 2008 or sooner, Williams says.

Hyatt Place is intended to complement Hyatt’s full-service hotels. Hyatt plans to grow the Hyatt Place brand, with a planned 120 hotels by the end of the year and more than 65 projects in development. Williams adds that Noble will continue to develop Hyatt Place properties in the future, with two pending land deals for ground-up developments. “We’re sold on the Hyatt Place concept,” he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.