Atlanta-based Noble Investment Group has purchased the AmeriSuites in Schaumburg, Illinois—its eleventh acquisition through the firm’s third hospitality vehicle Noble Hospitality Fund. Financial terms of the deal were not disclosed.
Totaling 126 rooms, the property is located in a major suburb in the northwest corridor of Chicago. Following the acquisition, it will undergo $5 million (€3.2 million) of renovations and be re-branded as Hyatt Place Chicago/Schaumburg, to re-open later this year.
The latest deal is an example of Noble’s ability to “source and execute investment opportunities throughout a wide range of lodging segments from resorts and full-service hotels to those in the select-service category,” Rodney Williams, Noble managing principal and chief investment officer said in a statement.
Renovations to the property will include improvements to guestrooms, public areas and meeting space, as well as updates to the guest lobby repositioned as the Hyatt Place Gallery. Guestrooms will also feature a state-of-the-art media and work center.
Atlanta-based Noble’s latest hospitality fund closed in 2007 on $310 million. Noble Hospitality Fund has an investment capacity of $1 billion with leverage and focuses on lodging investments in the US, Mexico and Canada.