Noble Investment Group of Atlanta, GA has purchased two Windmill Suites hotels in Arizona and plans to pump more than $18 million into improvements and rebranding.
Noble scooped up Chandler’s Windmill Suites Hotel in Chandler at Chandler Fashion Center and the Windmill Suites Hotel at 4250 N Campbell Avenue at St Phillips Plaza, in Tucson.
The purchase price for the Tucson property was recorded at $6 million for the 122-suite hotel ($49,000 per room). The property will undergo a more than $9 million in physical enhancements with new guest suites, the incorporation of the Homewood Suite "Take Flight" lobby concept, new common areas and a completely updated exterior.
The soon to be 129-suite Hyatt Place sale price of the Chandler property was not available, but will undergo more than $8 million in improvements. The comprehensive property redevelopment includes the incorporation of the Hyatt Place lobby concept, all new guestrooms, common areas and exterior enhancements.
The two properties will undergo more than $18 million in renovations and improvements, Noble said in a statement.
The Chandler hotel will be rebranded as the Hyatt Place Phoenix/Chandler, while the Tucson property will be rechristened the Homewood Suites Tucson St. Philips Plaza.
“These two acquisitions are representative of Noble’s strategy to invest in prominently located urban select-service and extended-stay hotels affiliated with premium brands,” said Noble principal Ben Brunt. “Our ability to physically enhance, reposition, and rebrand these assets will enable us to maximize operating performance and add substantial value to these investments.”
For 20 years, Noble has specialized in lodging and hospitality investments. It has spent more than $2.5 billion into upper upscale and upscale hotels throughout the U.S. affiliated with a number of brands such as Marriott, Hyatt, Hilton and Starwood.
For more information, The Windmill Suites in Tucson can be contacted at (520) 577-0007, and the Chandler Windmill Inn Suites is at (480) 812-9600. Noble Investment Group’s number is (404) 419-1000.
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[mepr-show rules="58038"]Sale date: 11/1/2013 for Tucson Property. All cash. Was unable to find affidavit for Chandler property and price was not disclosed by buyer. Property in Tucson has 5 APNs: 108-18-709, 710, 711, 012A and 009F. Lot size is 233,348 SF or 5.36 acres.[/mepr-show]