Hyatt Atlanta Midtown

Courtyard by Marriott Charleston, SC Historic District

Courtyard by Marriott Downtown Decatur at Emory University / CDC

Memphis Marriott East

Hyatt Place & Hyatt House portfolio

Boston, Princeton, Paramus, Miami, Atlanta, Dallas/Ft. Worth & Minneapolis

Memphis Marriott East

Memphis, Tennessee

Investment Summary

Investment Date: July 2011
Opened: November 2012
Total Rooms: 233 Rooms

Meeting Space: 14,300 square feet

Investment Premise

Value Added Repositioning and Re-Branding

Noble acquired the fee simple interest in a Holiday Inn located in the center of the corporate business district of Memphis, Tennessee which was unencumbered by brand and management.

While the hotel was well-built, the asset was in poor condition and the physical spaces were obsolete. Noble developed and executed a comprehensive redevelopment plan which included a complete exterior makeover, new guest rooms, re-configured public areas and meeting space and a vibrant new food and beverage offering. The plan allowed Noble to convert the existing hotel to a compact, corporate-transient oriented Marriott hotel at substantially below replacement cost.

Strong Demand Market

East Memphis is home to the world headquarters of International Paper, ServiceMaster and the executive headquarters of Federal Express, all Fortune 500 companies. Also, a significant healthcare customer base is present in the market through St. Francis Hospital and Baptist Memorial East.