Noble Sells In Raleigh
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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.