Atlanta-based private real estate investment management company Noble Investment Group announced today it has acquired the Hyatt Regency Milwaukee in Milwaukee, Wisconsin. The acquisition represents the company’s eighth investment this year. Details of the transaction were not disclosed.
Located in downtown Milwaukee, the 22-story, 483-room hotel is connected by skyway to the Midwest Airlines Center and is also adjacent to the Bradley Center, the US Cellular Arena and the Milwaukee Theater. The hotel features 19 meeting rooms, a ballroom, health club and Polaris, Milwaukee’s only revolving rooftop restaurant and lounge.
“Noble’s value-added investment platforms are focused on prominent, well located hotels in premium markets that are experiencing strong economic growth,” Mit Shah, senior managing principal and chief executive officer of Noble, said in a statement. “With our capital plan to reinvent and upgrade the physical spaces in the hotel and thus the overall guest experience, the Hyatt Regency Milwaukee will be well positioned to quickly become a market leader.”
Slated for completion in 2008, the hotel will undergo $18 million (€13 million) of renovations including updated guest rooms, new food and beverage offerings and refurbished public areas. The hotel will be operated by Noble under a long-term license agreement with Global Hyatt Corporation.
In March, Noble closed its third private equity real estate vehicle, Noble Hospitality Fund, on more than $310 million to invest in the North American hotel sector. With leverage, the fund has the capacity to purchase more than $1 billion in hotels.
Last year, the company acquired the Westin hotel in Long Beach, California; a Sheraton in Atlanta that is being redeveloped into a W hotel; and the Adams Mark Hotel in Winston-Salem, North Carolina, which is being redeveloped into two new hotels, a Marriott and an Embassy Suites. The firm is also developing a number of hotels, including the Raleigh Center Marriott and a property in a mixed-use development in Charlotte, North Carolina.
Hospitality investor Noble closed its first fund in November 1999 on $40 million. Its second fund, which focused on the US hospitality sector, closed in 2003 on $182 million.