Noble Investment Group has acquired the SpringHill Suites by Marriott Miami Airport South. The property, which recently completed a comprehensive renovation, will be the second Miami hotel in Noble's portfolio.
"This acquisition expands Noble's footprint in Miami's Airport submarket, which continues to experience robust year-over-year demand growth. Our ability to establish operating synergies in the submarket will allow us to further drive RevPAR penetration at the hotel and yield on this investment," said Noble principal, Ben Brunt.
The 150-room SpringHill Suites by Marriott Miami Airport South is located adjacent to the Miami International Airport and includes an outdoor pool, business center, fitness center, complimentary high-speed wireless Internet access, complimentary airport transportation and 480 square feet of meeting space for meetings up to 30 people.
Through its private equity real estate funds, Noble has invested more than $2.5 billion throughout the U.S. in primarily select-service and extended-stay hotels.
GE Capital’s Franchise Finance (GEFF) business provided an $18.5-million term loan to Noble toward the acquisition.
“Throughout the two decades since we were formed, we’ve been careful to work with lenders who really understand the hospitality industry,” said Noble principal Adi Bhoopathy. “Noble and GE Capital began doing business in 1994, and we continue to value the firm’s expertise and our financing relationship."
“The hospitality industry is definitely enjoying an upswing right now,” said Jim Petty, senior vice president responsible for hospitality financing in the Southeast at GEFF. “We’re pleased to build on our long relationship with the team at Noble, who have a sophisticated long-term investment strategy.”