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Looks like Hotel Midtown is finally getting new owners. And it's another local real estate kingpin.
Hotel midtown cwcapital noble investment group mit shah dewberry capital
Sources tell us that Noble Investment Group is under contract with CWCapital to buy the 191-room hotel at 125 10th St for an undisclosed price. This is the hotel that Dewberry Capital gave thekeys back on earlier this year, with execs saying the ?hotel did not fit the economic model? of the company ?due to significant renovations required because of suspect original construction.? Officials with CWCapital did not return calls seeking comment. And officials with Noble declined to comment.
noble investment mit shah management business interstate hotels resorts
That's not to say Noble Investment didn't comment on anything. In fact, we spoke with Noble's Mit Shah, who tells us he has mergedthe company's management business with Interstate Hotels & Resorts so Noble can focus strictly on buying and selling of hotels (he still wouldn't confirm Hotel Midtown though). Noble had management contracts on 60 hotels, which will now be added to Interstate's platform of more than 300 worldwide. ?The management business has gotten to a size… to where we needed to grow and expand it,? he says.
We also chatted about Noble's investment strategy. So far this year, the company has purchased 11 properties, including eight Hyatt-branded hotels and two Marriott brands (such as the Residence Inn in Midtown). And Noble is developing a 130-room Hyatt House at Overton Park that will be delivered by next year. Mit says Noble will likely buy another 20 to 30 hotels next year. Why so bullish? It's fundamentals. With little under development, and occupancy andRevPAR figures improving quickly, Mit sees real opportunity to buy hotels, particularly distressed ones. With the industry improving, hotel flags are beginning to demand that owners make good on capital improvements. But many owners are stuck with overpriced loans and unable to add capital, a situation ?that's creating distress,? he says.