Noble Investment Group announced the acquisition of the Residence Inn Midtown Atlanta 17th Street. The 160-suite Residence Inn by Marriott is located at the epicenter of Atlanta's most dynamic urban setting amongst office, retail, first class dining, and a vibrant music, cultural and performing art scene.
"This off-market acquisition is another strong example of Noble's strategy to invest in prominently located urban select service and extended stay hotels affiliated with premium brands," said Rodney Williams, Noble's managing principal and chief investment officer. "We believe the business and arts leadership of Midtown Atlanta has made it one of the best live, work, learn, shop, and play communities in the United States."
Located along the "Midtown Mile" at the epicenter of Atlanta's commercial, music and arts scene, the Residence Inn Midtown Atlanta 17th Street is on Peachtree Road surrounded by 24 million square feet of office space that currently employ more than 86,000 people. The hotel is directly across the street from the 12.25 acre campus of the Woodruff Arts Center which includes the High Museum of Art, the Alliance Theater and the Atlanta Symphony Orchestra. In addition, Piedmont Hospital, a 481-bed private facility with over 3,000 employees and 26,000+ inpatient admissions annually, is located one mile south on Peachtree Road.
The 160 suite upscale hotel will undergo a renovation of its public areas and guest rooms.
Founded in 1993, the Noble organization specializes in the lodging and hospitality real estate sector. Through its private equity real estate funds, Noble has invested more than $1.8 billion in hotels and resorts throughout the United States and the organization's current discretionary private equity fund represents $310 million of equity commitments. An award winning operator, Noble currently manages more than 10,000 hotel and resort guest rooms throughout the United States, most of which are affiliated with Marriott, Hyatt, Starwood, Hilton, and InterContinental Hotels Group. In addition, Noble operates convention and conference centers with more than one million square feet of meeting space, day and resort spas, upscale restaurants, and is a franchisee of Starbucks Coffee retail stores.
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