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Noble Investment Group announced that it has closed on the acquisition of ten Marriott and one Hilton premium branded select service and extended stay hotels from McKibbon Hotel Group, Inc.
Noble Investment Group ("Noble") announced that it has closed on the acquisition of ten Marriott and one Hilton premium branded select service and extended stay hotels from McKibbon Hotel Group, Inc. ("McKibbon"). McKibbon, a nationally renowned developer and operator, will continue managing the portfolio which totals 1,306 rooms in five states throughout the southeast. Noble invests in markets which have historically stable demand most often generated by major universities, healthcare centers and a diverse corporate presence. The eleven hotels were selected based on favorable market conditions, strength of brands and overall quality of the assets. In addition, Noble will invest renovation capital to upgrade and enhance the assets in order to optimize revenue market share and maximize net operating income. "McKibbon is widely regarded as one of the foremost developers and operators of select service and extended stay hotels in our industry," said Mit Shah, Noble's chief executive officer and senior managing principal. "For more than 20 years, our teams have enjoyed a strong mutual respect for one another and we are excited about acquiring these eleven assets and to be embarking on this valuable relationship together." "We are extremely pleased to begin this important new partnership with our good friends at Noble," commented John McKibbon, chairman of McKibbon. "This transaction affords us the opportunity to redeploy capital in order to advance our growth strategy of developing lifestyle hotels in urban settings." |
