Wednesday March 5th, 2014 - 9:49AM
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.