Interstate Hotels & Resorts Inc., Arlington, Virginia, announced on Tuesday that it bought Noble Management Group, the hotel management division of Noble Investment Group, Atlanta.
The deal adds 51 hotels, totaling 9,308 rooms to Interstate’s portfolio. All of the hotels are located within the U.S. and will remain owned by Noble Investment Group funds. The amount of the purchase is not being disclosed. The hotels’ brands include Starwood, Marriott, Hilton, Hyatt and IHG.
“This is a continuation of Interstate’s growth trajectory for 2011,” said Jim Abrahamson, Interstate CEO. “This way Noble can keep their focus clearly on acquisition and allows Interstate to provide outstanding operation support and we have an ongoing agreement to manage Noble-purchased properties.”
Abrahamson said Interstate would continue to scout for management group purchase opportunities. Interstate and Noble are not planning any extensive renovation of the properties.
“Noble is a terrific investor and owner of hotels and many of the hotels in this portfolio have been renovated. There are always some ongoing renovations, but there’s nothing substantial,” said Abrahamson.