Noble Investment Group Acquires Four Residence Inn by Marriott Hotels
Wednesday March 5th, 2014 - 9:49AM E
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
CLEVELAND—Noble Investment Group acquired four Residence Inn by Marriott hotels in downtown Cleveland, Beachwood, Mentor and Independence. Each hotel will undergo a comprehensive renovation in order to significantly enhance the guest experience.
"Given the robust demand growth in the Cleveland MSA, Noble believes there is significant opportunity to maximize asset performance with renovations targeted towards enhancing the guest experience. With a going-in cap rate of approximately 11.5% on trailing 12 month income, this portfolio represents an attractive combination of in-place yield, considerable income upside and a basis that is well below replacement cost," stated Ben Brunt, principal of Noble.
Tags: Noble Investment Group • Hospitality • Acquisitions •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.