PRIVATE EQUITY FUNDS

FUND I

Noble Investments, LLC (“FUND I”) closed in 1999 with approximately $40 million in equity including Noble principal commitments. Fund I is fully invested and has been substantially realized.

FUND II

Noble Parallel Fund, LLC (“FUND II”) closed in 2003 with $182 million in equity and co-investments including Noble principal commitments. The Fund II investment platform is a “value-added” lodging acquisition and development strategy with a primary focus on the top 50 MSA markets in the United States. Fund II is fully committed for investment.

FUND III

Noble Hospitality Fund, LLC (“FUND III”) closed in February of 2007 with $310 million in equity including Noble principal commitments. The Fund III investment platform is a “value-added” lodging acquisition, re-development and special purpose new development strategy with a primary focus on first-tier markets in the United States, Mexico and Canada.