Noble breaks ground on StudioRes in Mobile, AL

Summary:

• Noble broke ground on StudioRes Mobile Alabama at McGowin Park.
• The 10th StudioRes expands Noble’s long-term accommodations platform.
• Noble recently acquired 16 WoodSpring Suites properties through two portfolio transactions.

NOBLE INVESTMENT GROUP broke ground on StudioRes Mobile Alabama at McGowin Park, a retail center in Mobile, Alabama. It is Noble’s 10th property under Marriott International’s extended stay StudioRes brand.

This marks the expansion of Marriott and Noble’s role in branded long-term accommodations, the companies said in a statement. Atlanta-based Noble is led by CEO Mit Shah.

“Noble is institutionalizing one of the most resilient and undersupplied segments at the intersection of hospitality, mobility and how people stay,” said Shah. “We are scaling a branded platform to capture secular demand that creates stable cash flow and long-term value.”

In May, Noble acquired 16 WoodSpring Suites properties through two portfolio transactions, expanding its platform in branded long-term accommodations.

Noah Silverman, Marriott International’s global development officer, U.S. & Canada, said breaking ground on the 10th StudioRes with Noble reflects the brand’s growth and the companies’ three-decade partnership.

“With both companies’ expertise in long-term accommodations, Marriott’s distribution channels, and the power of our nearly 248 million Marriott Bonvoy members, we are confident StudioRes is uniquely positioned to generate customer demand at scale, drive performance and sustain long-term growth,” he said.

Meanwhile, Marriott has more than 50 signed StudioRes projects, about half under construction, the statement said. The first StudioRes opened in Fort Myers, Florida.

Marriott’s global development pipeline totaled about 3,900 properties and 590,000 rooms at the end of the second quarter.