Noble Investment Group Acquires the Embassy Suites Cleveland/Beachwood
216 all-suite hotel to undergo an $8.6 million comprehensive upgrade and renovation
ATLANTA, Ga., October 3, 2012—Noble Investment Group (“Noble”), a leading private lodging and hospitality organization, announced the acquisition of the Embassy Suites Cleveland/Beachwood. Noble will invest $8.6 million in property improvements that will significantly upgrade and enhance its amenity offerings and guest experiences. The 216-room hotel is prominently located near several public and private corporate headquarters such as Developers Diversified Realty Corporation, Aleris, TOA Technologies and the soon-to-be completed US headquarters of Eaton Corporation. The hotel is also proximate to first class retail and dining offerings, the new state-of-the-art University Hospitals Ahuja Medical Center and Case Western Reserve University.
“We are pleased to make this investment, our 17th over the past sixteen months, in a market with a strong mix of new and existing stable demand generators,” said Rodney Williams, Noble’s chief investment officer and a managing principal. “Noble was able to acquire this asset at a substantial discount to replacement and will invest nearly $40,000 per suite to maximize the assets position within this vibrant marketplace.”
About Noble Investment Group
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 invested more than $2 billion in upper upscale and upscale hotels located throughout the United States which are affiliated with premium brands by Marriott, Hyatt, Starwood and Hilton. For additional information, please visit www.nobleinvestment.com