Noble Investment Group Acquires the Holiday Inn Charleston Historic District and Plans to Convert Asset to a Courtyard by Marriott
Also acquires adjacent land and secures entitlements for expansion of guest rooms and meeting space
Privately held Noble Investment Group, announced the acquisition of the award winning, 126-room Holiday Inn Charleston Historic District prominently located at the intersection of Calhoun and Meeting streets. Noble concurrently acquired an adjacent land parcel and has obtained entitlements to add 50 hotel guest rooms and 2,500 square feet of meeting space to the existing asset. Noble will complete the guest rooms and meeting space expansion in tandem with a comprehensive renovation of the current hotel. In 2011, the hotel will be re-branded as the Courtyard by Marriott Charleston Historic District with 176 guest rooms and 5,000 square feet of meeting space.
The Charleston peninsula combines three centuries of development density, limited land area, the oversight of America's oldest historic preservation society, and a regulatory environment that does not encourage additional hotel development.
"Our team sourced and will execute an investment that combines the integral value-add components of a consistently strong demand market with inordinately high barriers to entry, topmost location within a market, and our ability to significantly enhance performance through physical repositioning and re-branding," said Rodney Williams, Noble's chief investment officer and a managing principal.
The award winning hotel was named "Best Hidden Gem" by Trip Advisor and embodies the local southern traditions featuring wooden rocking chairs on the porch, landscaped courtyard and water fountain, year-round outdoor heated pool, fitness center and the Battery Grill restaurant.
"Our multi-pronged investment strategy that includes an expanded and renovated hotel, will allow our operations team to drive substantial upside in market share, revenues and profitability," said Bob Morse, Noble's chief operating officer and a managing principal.
Bill Moeckel of Moeckel & Company advised the Seller on the transaction.
About Noble Investment Group
Founded in 1993, the Noble organization specializes in the lodging and hospitality real estate sector. Through its private equity real estate funds, Noble has invested more than $1.6 billion in hotels and resorts throughout the United States and the organization's current discretionary private equity fund represents $310 million of equity commitments. An award winning operator, Noble currently manages more than 9,000 hotel and resort guest rooms throughout the United States, most of which are affiliated with Marriott, Hyatt, Starwood, Hilton, and InterContinental Hotels Group. In addition, Noble operates convention and conference centers with more than one million square feet of meeting space, day and resort spas, upscale restaurants, and is a franchisee of Starbucks Coffee retail stores.
