ATLANTA—Noble Investment Group (“Noble”), a private lodging and hospitality organization, announced the acquisition of the Embassy Suites Cleveland/Beachwood.
Noble will invest $8.6 million in property improvements that will significantly upgrade and enhance its amenity offerings and guest experiences. The 216-room hotel is ocated near several public and private corporate headquarters such as Diversified Realty Corporation, Aleris, TOA Technologies and the soon-to-be completed US headquarters of Eaton Corporation. The hotel is also proximate to retail and dining offerings, the University Hospitals Ahuja Medical Center, and Case Western Reserve University.
“We are pleased to make this investment, our 17th over the past sixteen months, in a market with a strong mix of new and existing stable demand generators,” said Rodney Williams, Noble’s chief investment officer and a managing principal, in an announcement. “Noble was able to acquire this asset at a substantial discount to replacement and will invest nearly $40,000 per suite to maximize the assets position within this vibrant marketplace.”