Hotel Online Special Report

advertisement
 Noble Investment Makes Largest Acquisiton to Date, 
the 300-room Holiday Inn - Buckhead;  
Planning $14 million Conversion to a Crowne Plaza Hotel
July 28, 2000 � Bass Hotels & Resorts and Noble Investment Group announced the conversion of the Holiday Inn-Buckhead, soon to be the Crowne Plaza Atlanta-Buckhead.  The announcement was made by Thomas Arasi, President, Bass Hotels & Resorts � The Americas, and Mitesh Shah, President and Chief Operating Officer, Noble Investment Group.

Atlanta-based Noble Investment Group, in its largest acquisiton to date, has purchased the 300-room Holiday Inn-Buckhead on Peachtree Road in the heart of Buckhead, immediately adjacent to Atlanta Financial Center.  The property will undergo an all encompassing $14 million conversion to become a Crowne Plaza Hotel.  The sweeping re-design, expansion, and renovation is expected to begin in November and be complete by next June.

This stunning new hotel will fill an important void in the Buckhead market, according to officials at both Noble and Bass.

�While there are four other high-end luxury properties in Buckhead and several middle market hotels, there is no clear choice in the upscale segment,� said Thomas Arasi.  �This new Crowne Plaza hotel will provide that choice � and it will do it in a very dramatic, exciting style.�

�This becomes a flagship hotel for us, in terms of size and brand quality as well as prime geographic location,� said Shah, who has grown the company to 25 hotels throughout the eastern United States, focusing on premier brands affiliated with Marriott, Hilton and Bass Hotels & Resorts.

Crowne Plaza Hotels and Resorts are located in key gateway cities in more than 40 countries around the world, including three existing properties in the Atlanta area:  the Crowne Plaza Atlanta-Ravinia, Crowne Plaza Atlanta-Airport, and the Crowne Plaza Powers Ferry.  The brand is positioned as a full service, upscale lodging facility, offering business and leisure travelers a complete array of quality services and amenities.  

Added Arasi, �We are actively looking to expand the Crowne Plaza brand in premier locations and this is a significant opportunity for us, both in terms of location and ownership. Certainly the redevelopment of this hotel to a Crowne Plaza fits perfectly with our long-term plans for growth.� 

�With this acquisition, Noble moves firmly into the upscale full-service hotel segment and we�re now positioned to acquire similar properties in other major urban markets across the country,� added Shah.  �Given our superior operating team, our track record of delivering great expectations to our guests, and our commitment to quality, we expect the hotel to quickly become a major �hotel of choice� in Buckhead once completed.�

The grand renovations include an extensive re-design, both inside and out.  There will be an entirely new exterior envelope, enhanced  roofline, and a dramatic new Peachtree Road frontage highlighted by a central fountain and pedestrian area within a street-side restaurant designed for the lunch and after-business crowd.

�Our exciting, energized design will introduce a vibrant new business, dining, and entertainment option in Buckhead,� added Shah.

Inside, public areas and guest rooms will undergo an architectural re-construction, then be completely redecorated and refurnished.  Also, Noble will create an upscale concierge tower with two floors of guest rooms and meeting space will be almost tripled from a current 3,000 square feet to more than 8,000 square feet.

Elaborating further, Arasi said, �Noble has been an outstanding owner and operator of our brands � and their track record makes them a perfect choice to grow this hotel to its full potential.�

The company has won numerous industry awards for excellence in service and development, including most recently these prestigious ones from Bass Hotels & Resorts: 

  • the 1999 Torch Bearer Award, as one of the top Holiday Inn hotels throughout the world;
  • the 1999 Quality Excellence Award; and,
  • the 1999 Newcomer Award, for operating one of the best new Holiday Inn hotels.
Noble has also achieved outstanding financial performance over the past five years, outpacing the returns of such economic indicators as the Dow Jones Industrial average, NASDAQ, and the Standard & Poors 500.

Founded in 1979, Noble Investment Group has repeatedly been rated by hospitality trade magazines as among the industry�s fast-growing and top management companies.  Its year 2000 revenues are expected to approach $40 million.

Bass Hotels & Resorts is the world�s most global hotel company, and owns or operates more than 2,900 hotels and 480,000 guest rooms in more than 95 countries around the world.  

###
Contact:
Jennifer Ploszaj 
Bass Hotels & Resorts P. R. 
770-604-5912
www.crowneplaza.com
Peter G. Mathon Counsel for
 Noble Investment Group
 404-352-8015

Also See Noble Investment Group Becomes a Hotel of Promise Company / June 2000 
Hersha Hospitality Trust Acquires Four Hotels in the Atlanta Market from Noble Investment Group, Ltd. / May 2000 


To search Hotel Online data base of News and Trends Go to Hotel.Online Search

Home | Welcome! | Hospitality News | Classifieds | Catalogs & Pricing | Viewpoint Forum | Ideas/Trends
Please contact Hotel.Online with your comments and suggestions.