NOBLE INVESTMENT GROUP has acquired the Residence Inn by Marriott Denver City Center in downtown Denver, Colorado. Mit Shah is CEO of Atlanta-based Noble, a private equity hotel investor.
The 228-suite hotel includes more than 25 million square feet of office space. Nearby attractions include the Colorado Convention Center, the Pepsi Center and the Denver Performing Arts Center. It is also adjacent to the 16th Street Pedestrian Mall which connects to Union Station, which has a direct-rail connection to Denver International Airport.
Orlando, Florida-based Xenia Hotels & Resorts, Inc., sold the Residence Inn for $92 million, or approximately $404,000 per key. It acquired the hotel in 2013 for $80 million.
“We are pleased to have completed the sale of Residence Inn Denver City Center at an attractive valuation,” said Xenia Chairman and CEO Marcel Verbaas. “While we view Denver as a core market for the Company, our recent acquisition of The Ritz-Carlton allowed us to further reduce our select-service holdings through the sale of this hotel.”
Noble principal Ben Brunt said the company’s new acquisition “possesses a variety of deep and stable demand generators and a strong long-term growth trajectory.”
In September, Noble opened the Homewood Suites by Hilton Edina Minneapolis in Endina, Minnesota, a 146-suite upscale extended-stay hotel developed jointly with Simon Property Group. In July it completed upgrades on its Embassy Suites by Hilton Tysons Corner in Vienna, Virginia.