Hyatt Atlanta Midtown

Courtyard by Marriott Charleston, SC Historic District

Courtyard by Marriott Downtown Decatur at Emory University / CDC

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Courtyard by Marriott Downtown Decatur at Emory University / CDC

Investment Summary

Investment Date: May 2011
Opened: February 2012
Total Rooms: 179 Rooms

Meeting Space: 13,000 square feet

Investment Premise

Subsidized Value Added Repositioning and Re-Branding

Seller was a sole proprietor faced with both an impending debt maturity and a property improvement plan mandated by the Holiday Inn brand. The property was marketed for sale in 2008; however, the process was terminated due to market conditions. Noble tracked the asset and in the 3rd quarter of 2010, contacted the owner directly and was successful in structuring an off-market transaction.

Noble developed a plan to substantially reconfigure and renovate the physical spaces and convert the existing hotel to a Courtyard by Marriott brand. Noble also worked closely with the City of Decatur to negotiate a favorable long lease of both the adjacent Decatur Conference Center and attached parking garage.

Strong Demand Market

Historic Downtown Decatur is a high barrier-to-entry market that is adjacent to the Emory University campus and includes the U.S. Center for Disease Control and Prevention (CDC) and Emory Healthcare, one of the most comprehensive hospital systems in the country.