The two properties will undergo more than $18 million in combined physical improvements and will be rebranded the Homewood Suites Tucson St. Philips Plaza at the University of Arizona and the Hyatt Place Phoenix/Chandler at the Fashion Center, respectively. The properties are located in highly sought after and affluent markets consistent with Noble's strategy of investing in first class real estate, enhancing the physical space through redevelopment and/or rebranding and then maximizing operational performance.
The soon to be 122-suite Homewood Suites by Hilton Tucson St. Philip's Plaza at the University of Arizona, is located at the base of the Catalina Foothills in St. Philip's Plaza, the regions premier lifestyle development featuring restaurants, shopping, art and photo galleries, professional offices and outdoor entertainment venues. Tucson is home to nearly 40,000 students who attend the University of Arizona, the University of Arizona Medical Center and a significant healthcare base. The Homewood Suites brand is the first choice for guests seeking upscale, home-like accommodations when travelling for an extended stay. The property will undergo a more than $9 million in physical enhancements with new guest suites, the incorporation of the Homewood Suite "Take Flight" lobby concept, new common areas and a completely updated exterior.
The soon to be 129-suite Hyatt Place Phoenix/Chandler is located at the intersection of Phoenix's two major beltways and is adjacent to the Chandler Fashion Center, the most prominent retail offering in the area. Chandler is home to major corporate campuses such as Intel, General Motors, Orbital Sciences as well as Arizona State University and the Arizona State University Research Park. The Hyatt Place brand is an upscale all-suite property which features a modern innovative design and technologically smart guestroom features. The $8 million comprehensive property redevelopment includes the incorporation of the Hyatt Place lobby concept, all new guestrooms, common areas and exterior enhancements.
"These two acquisitions are representative of Noble's strategy to invest in prominently located urban select service and extended stay hotels affiliated with premium brands," said Noble principal, Ben Brunt. "Our ability to physically enhance, reposition, and rebrand these assets will enable us to maximize operating performance and add substantial value to these investments."
Founded in 1993, the Noble organization specializes in making value-added, opportunistic investments in the lodging and hospitality real estate sector. Through its private equity real estate funds, Noble has invested more than $2.5 billion in upper upscale and upscale hotels located throughout the United States which are affiliated with premium brands by Marriott, Hyatt, Hilton and Starwood.
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