Noble Investment Group acquired a 14-asset portfolio of Marriott, Hilton and Hyatt properties, the real estate investment trust announced in a news release Tuesday.
The company plans to “invest in physical enhancements across the portfolio while optimizing operations to drive market share and increase profitability,” according to the release.
"Since the second quarter of last year, Noble has invested more than $1.5 billion across the United States in 40 hotels with approximately 6,000 rooms as we continue to capitalize on the thematic opportunity in travel and hospitality," Mit Shah, CEO of Noble, said in the news release.
Host Hotels & Resorts acquired a 49% stake in Noble's asset management platform with a $90.7 million investment in February. The 14-asset portfolio is Noble’s second acquisition since the Host deal; the REIT acquired the 132-room Hilton Garden Inn Boise Downtown in June for an undisclosed price.
“The acquisition of these premium branded hotels is consistent with our strategy to invest in well-located assets in high-growth markets with healthy business and leisure demand,” said Ben Brunt, chief investment officer of Noble.