Noble Unloading Three Atlanta Hotels
Mit Shah is unloading yet another of his long list of Atlanta-area hotels.
The head of Atlanta-based Noble Investment Group has entered into a contract to sell its Courtyard Atlanta Decatur Downtown to Summit Hotel Properties for $44M. The 179-room hotel was the Holiday Inn Decatur Hotel & Conference Center when Noble purchased it in 2011 and rebranded it under the Courtyard by Marriott flag. Summit Hotel reports in SEC docs that it intends to close by year's end.
As we previously reported here, Noble has a slew of hotels under contract for sale, including two other Atlanta area hotels. The firm has put 13 hotels under contract with American Realty Capital Hospitality Trust for a total sales price of $300M, according to filings with the SEC by the buyer, including the 149-room Hyatt House Cobb Galleria and the 150-room Hyatt Place Atlanta Perimeter Center (here). NYC-based ARCH is expected to close the sale by year-end; it includes other Hyatt-flagged hotels in Princeton, NJ, Birmingham, and Fort Worth, TX.
Unrelated to Noble, but noteworthy, an investor affiliated with Starwood has purchased the 1,200-room Hilton Atlanta on Courtland Street, according to The Wilbert Group's blog. We previously reported that co-owners Westmont Hospitality and Ivanhoé Cambridge put the hotel up for sale with hopes of fetching up to $200M. According to Wilbert, the new owner is expected to upgrade the hotel’s meeting and events space to better compete with the renovated and newer convention hotels.
