CHARLESTON, SOUTH CAROLINA Noble Investment Group has acquired the 126-key Holiday Inn Charleston Historic District, along with an adjacent parcel, and has approval to add 50 guestrooms and 2,500 sq. ft. of meeting space. Noble plans to execute a comprehensive renovation of the current hotel, with plans to reflag it as a Courtyard by Marriott in 2011.
“The hospitality sector continues to reward those organizations that combine specialized operating acumen with real estate investment expertise,” says Noble CEO Mitesh Shah. “Noble currently has more than half of our current private equity fund available for investment and we remain active in sourcing opportunities where we can add value through physical repositioning and operational reengineering alongside the future recovery of the sector.”
The hotel has been named “Best Hidden Gem” by TripAdvisor and embodies the local Southern traditions, featuring wooden rocking chairs on the porch, landscaped courtyard and water fountain, year-round outdoor heated pool, fitness center and its Battery Grill restaurant.
“Our team sourced and will execute an investment that combines the integral value-add components of a consistently strong demand market with inordinately high barriers to entry, topmost location within a market, and our ability to significantly enhance performance through physical repositioning and re-branding,” says Rodney Williams, Noble’s chief investment officer and a managing principal.
Bill Moeckel of Moeckel & Co. advised the seller on the transaction.