Noble Investment Group and DiamondRock Acquire the 369-Room Westin Atlanta North at Perimeter Center
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Noble Investment Group and DiamondRock Acquire the 369-Room Westin Atlanta North at Perimeter Center
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Category: North America & West Indies / Carribean islands
This is a press release selected by our editorial committee and published online for free on 2006-05-08
Officials of Noble Investment Group, one of the hospitality industry’s leading owner/operators of luxury and upscale hotels and resorts, today announced that DiamondRock Hospitality Company (“DiamondRock”) (NYSE: DRH) in conjunction with Noble Investment Group, have acquired the 369-room Westin Atlanta North at Perimeter from Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) for a total consideration of $61.5 million. The hotel will be operated by Noble’s management division and will undergo $3 million in additional improvements that will enhance a number of amenities to the luxury hotel.
“We are pleased to add this exceptional asset to Noble’s growing institutional quality portfolio,” said Mit Shah, Noble’s president and chief executive officer. “With Noble’s ability to add value through the implementation of our proprietary management and marketing systems, we believe the hotel will be able to take advantage of the growth in the Atlanta economy and quickly establish itself as a market leader.”
“We continue to seek out value added, well-positioned opportunities throughout the United States as part of our aggressive plans to invest capital in the lodging sector,” commented Rodney Williams, Noble’s chief investment officer.
The 20-story Westin Atlanta North at Perimeter is situated alongside the “King and Queen” office buildings at 7 Concourse Parkway at the intersection of I-285 and Georgia 400 in Concourse Office Park, the leading office complex in the Perimeter Center market. With more than 23 million square feet of office space, Perimeter Center houses such corporate headquarters as UPS, Hewlett Packard, Microsoft, Newell Rubbermaid and GE.
Guest rooms currently are equipped with free, high-speed Internet access, dual-line speaker telephone with data ports and voice mail, hairdryer, iron/ironing board and refrigerators. Hotel amenities include the Westin WORKOUT powered by Reebok gym, outdoor pool, indoor Jacuzzi, steam room, two restaurants, and free shuttle service to area locations.
Noble Investment Group is a leading, national hospitality organization that invests in luxury and upscale hotels, resorts and convention/conference centers. The company is a pre-eminent developer of first-class hospitality and mixed-use developments, as well as an award-winning operator of independent destination resorts and upscale hotels affiliated with Marriott, Starwood, Hilton, and InterContinental Hotels Group. Currently, Noble operates more than 6,000 hotel and resort guest rooms, including more than 750,000 sq. ft. of meeting space, convention and conference centers, championship golf courses, spas, and fine dining operations.
Since 1979, Noble and its predecessors have developed and acquired over $1.6 billion in hospitality assets. In the past 12 months, the company began construction on and/or acquired more than $500 million in hospitality investments.
DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner and acquirer of premium hotel properties. DiamondRock owns 17 hotels with 7,680 rooms.
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