Noble Investment Group has picked up the 295-room Kansas City Marriott Country Club Plaza in Kansas City, Missouri. The investment is its tenth acquisition through Noble Hospitality Fund, the firm’s third hospitality vehicle. Financial terms of the deal were not disclosed.
The 19-story hotel is located in Missouri’s Country Club Plaza shopping and entertainment district, home to high-end retail, commercial and residential area. The hotel features 16,000 square feet of meeting space, including a 42-seat amphitheatre, Main Street Grill, lobby lounge, executive business center, fitness center and indoor swimming pool.
Following the deal, Noble is planning $8.8 million (€5.5 million) of renovations to all guestrooms, ballroom and meeting space as well as public areas. It will be operated by Noble under a long-term license agreement with Marriott International.
“Notwithstanding the major dislocation in the capital markets, our fund team continues to source and execute strong investment opportunities where our operating and development teams can use their core competencies to create value,” Mit Shah, Noble senior managing principal and chief executive officer said in a statement.
The firm was “able to secure the opportunity, perform due diligence and close an all-cash transaction in a total of six weeks,” added Rodney Williams, managing principal and chief investment officer.
Noble Hospitality Fund, the Atlanta-based firm’s third private equity real estate fund, closed in 2007 on $310 million. The vehicle, which has investment capacity of $1 billion with leverage, focuses on lodging investments in the US, Mexico and Canada.