Decatur’s Linda Harris sends along this press release…
Noble acquires the former Holiday Inn Atlanta Decatur Hotel and Conference Center
184-room hotel to undergo a comprehensive redevelopment and be rebranded as a Courtyard by Marriott
ATLANTA, Ga.-May 24, 2011- Privately held Noble Investment Group (“Noble”), today announced the acquisition of the former Holiday Inn Decatur Hotel and Conference Center in the heart of downtown historic Decatur, Georgia. Located within close proximity to the 631-acre Emory University campus, Emory HealthCare, and the Center for Disease Control, the hotel boasts 184 rooms and suites as well as 15,000 square feet of meeting and event space in the adjoining Decatur Conference Center. Noble will immediately begin a comprehensive redevelopment plan and upon completion, will convert the property to the Courtyard by Marriott brand.
“We are excited to source this off-market opportunity in a high barrier to entry market with strong and diverse demand generators,” said Rodney Williams, Noble’s chief investment officer and a managing principal. ”Noble’s ability to physically enhance, reposition, and rebrand the asset, will enable us to maximize operating performance and add substantial value to this investment.”
“Decatur is an ideal example of a progressive live-work-play community with more than 200 distinct restaurants, boutique retail destinations and headquarter companies within walking distance of the new Courtyard by Marriott and Decatur Conference Center,” said Decatur Mayor Bill Floyd. “Being able to work with Noble to provide first class lodging and meeting space is an important part of the City’s long-term economic development strategy.”
Located in a vibrant, village-like square comprised of offices, restaurants, bars, and retail boutiques within historic downtown Decatur, one of Atlanta’s earliest settlements dating back to 1822, the expansive repositioning of the hotel to a Courtyard by Marriott will feature new guest rooms and suites complete with high-tech amenities as well as inviting spaces throughout the hotel to work, relax and recharge. In addition, physical and technological enhancements will be made to the Decatur Conference Center which provides more than 15,000 square feet of meeting and event space for corporate meetings as well as social occasions.
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 $1.7 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 10,000 hotel and resort guest rooms throughout the United States, most of which are affiliated with Marriott, Hyatt, Hilton, and Starwood. 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. For more information, please visit www.nobleinvestment.com