Noble Investment's Mit Shah
is harvesting a prime Raleigh hotel
. Noble entered into a contract to sell Raleigh Marriott City Center, a 400-room, 17-story hotel
next to the Raleigh Convention Center to Carey Watermark Investors for $83M. Carey officials say they'll infuse another $6M
for capital improvements. The hotel, developed under a Noble fund that closed in 2006, and opened at the height of the recession, was a "home run for us
in terms of asset performance," Mit says.
Now with a new fund in operation ($500M including leverage
), Mit says Noble will be out buying that amount over the course of the next 24 months
. It's already purchased an Embassy Suites in Cleveland, a Courtyard by Marriott in Columbus, Ohio and a Staybridge Suites in Historic Savannah, above. Mit says the fund has another six unidentified hotels under contract
. (We once stayed in an unidentified hotel. Later we learned it was just someone's house.) And buying won't be the only thing Noble will do. "We'll also probably sell that much
over the same time period."