Noble and DiamondRock Acquire Westin Atlanta
The hotel will be operated by Noble's management division and will undergo $3 mil in additional impr
ATLANTA, GA, May 4, 2006. Officials of Noble Investment Group, one of the hospitality industry's leading owner/operators of luxury and upscale hotels and resorts, announced that DiamondRock Hospitality Company in conjunction with Noble Investment Group, have acquired the 369-room Westin Atlanta North at Perimeter from Starwood Hotels & Resorts Worldwide, Inc. for a total consideration of $61.5 million. The hotel will be operated by Noble's management division and will undergo $3 million in additional improvements that will enhance a number of amenities to the luxury hotel.
"We are pleased to add this exceptional asset to Noble's growing institutional quality portfolio,' said Mit Shah, Noble's president and chief executive officer. 'With Noble's ability to add value through the implementation of our proprietary management and marketing systems, we believe the hotel will be able to take advantage of the growth in the Atlanta economy and quickly establish itself as a market leader.'
'We continue to seek out value added, well-positioned opportunities throughout the United States as part of our aggressive plans to invest capital in the lodging sector,' commented Rodney Williams, Noble's chief investment officer.
The 20-story Westin Atlanta North at Perimeter is situated alongside the 'King and Queen' office buildings at 7 Concourse Parkway at the intersection of I-285 and Georgia 400 in Concourse Office Park, the leading office complex in the Perimeter Center market. With more than 23 million square feet of office space, Perimeter Center houses such corporate headquarters as UPS, Hewlett Packard, Microsoft, Newell Rubbermaid and GE.
Guest rooms currently are equipped with free, high-speed Internet access, dual-line speaker telephone with data ports and voice mail, hairdryer, iron/ironing board and refrigerators. Hotel amenities include the Westin WORKOUT powered by Reebok gym, outdoor pool, indoor Jacuzzi, steam room, two restaurants, and free shuttle service to area locations.
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