Noble Investment Group today announced that it has closed on the acquisition of a 1,396-room portfolio of Marriott branded select-service and extended stay hotels from Ashford Hospitality Trust (NYSE: AHT). Noble intends to make experience enhancing product investments throughout the portfolio to further augment revenue and market position.
The hotel portfolio includes the 150-room Residence Inn Atlanta Buckhead/Lenox Park; the 146-room Courtyard Edison Woodbridge; the 312-room Courtyard Orlando Lake Buena Vista; the 388-room Fairfield Inn and Suites Orlando Lake Buena Vista; and, the 400-suite Springhill Suites Orlando Lake Buena Vista.
The Residence Inn Atlanta Buckhead/Lenox Park is located in Atlanta's financial district, one of the most desirable areas to live, work, play and visit in the region. The hotel is located within the Lenox Park office complex, the primary southeast campus of AT&T. The hotel is also proximate to an additional 20 million square feet of office and more than 1,400 retailers where shoppers spend more than $1 billion per year.
The Courtyard by Marriott Edison Woodbridge is at the nexus of Interstate-95 and Route 287, 30 miles from Manhattan and 60 miles from Philadelphia. The hotel is proximate to the Raritan Center, one of the largest business parks in the Northeast with a nearly 15 million square foot campus; the 8.5 million square foot Heller Industrial Park; and, the New Jersey Convention and Expo Center, the state's largest private convention center. The hotel is also convenient to shopping at Menlo Park and Woodbridge Mall.
The Orlando hotels were developed as a complex known as the Marriott Village Orlando Lake Buena Vista. Located immediately off Interstate 4, the major north-south artery in the Orlando market, the Marriott Village campus provides direct access to the main gate of Walt Disney World Resort and is proximate to Universal Studios, SeaWorld® and hundreds of destination shopping retailers. For more information or to make reservations, please visit www.marriott.com.
Founded in 1993, the Noble organization specializes in making value-added, opportunistic investments in the lodging and hospitality real estate sector. Through its private equity real estate funds, Noble has made more than $3 billion of investments throughout the United States in primarily select service and extended stay hotels which are affiliated with premium brands by Marriott, Hyatt, Hilton, Intercontinental and Starwood.
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