Noble Investment Group Acquires The Hilton Birmingham Perimeter Park
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Noble Investment Group Acquires The Hilton Birmingham Perimeter Park
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Category: Europe
This is a press release selected by our editorial committee and published online for free on 2007-10-04
Value-Added Acquisition Consistent with Noble’s Private Equity Fund Investment Strategy
Privately held Noble Investment Group (“Noble”), a leading investment management, operating and development organization focused on the lodging and hospitality industry, today announced the acquisition of the Hilton Birmingham at Perimeter Park. The hotel will undergo a $5.5 million repositioning and will be operated by Noble under a long-term license agreement with Hilton Hotels Corporation.
The hotel marks the company’s ninth acquisition this year and the eighth investment in Noble Hospitality Fund, LLC, the organization’s current, fully discretionary private equity fund. The acquisition is consistent with the organizations value-added strategy to acquire and develop more than $1 billion in lodging over the next twenty-four months.
The 205-room, full-service Hilton hotel sits upon seven hilltop acres overlooking the 280 Corridor in Birmingham, Ala., and is located in Perimeter Park Center, a major office complex in the heart of Birmingham's most prestigious corporate, arts and entertainment district. “Noble has a disciplined focus on acquiring, developing and re-developing first-class, premium-branded full-service and select-service hotels as well as resorts located throughout North America,” said Mit Shah, Noble’s senior managing principal and chief executive officer. “We are opportunistic investors where our team can create and enhance value through a combination of changes in revenue and operational enhancements, physical plant reconfiguration, re-branding, and/or utilizing additional development opportunities to maximize revenue in every square foot of our real estate.”
“Our discretionary private equity platform gives us the ability to execute our investment strategies throughout changing market conditions,” said Rodney Williams, Noble’s managing principal and chief investment officer. “As tighter debt covenants and reduced capital liquidity impact our industry, we are well positioned to source and take advantage of further value-added investment opportunities.”
The Birmingham Hilton is located at the intersection of Interstate 459, Highway 280 and the Summit, a retail enclave which includes Saks Fifth Avenue and more than 90 specialty retail and dining offerings. The hotel boasts 10,000 square feet of meeting and banquet space with meeting rooms equipped with high-speed internet and AV services. The well-appointed guestrooms feature Hilton Serenity Collection bedding and Crabtree and Evelyn bath amenities. The two executive floors and a private executive lounge provide specialized business services and concierge assistance to accommodate business and leisure travelers alike. Scheduled to be completed in 2008, the $5.5 million renovation will include further enhancements to the guest rooms, meeting room upgrades and refurbished public and restaurant areas designed to complement the strong economic growth being experienced in Birmingham.
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