Noble Investment Group, a real estate investment management firm specializing in upscale U.S. lodging, announced partnering with the lodging real estate investment trust Host Hotels & Resorts, according to a press release.
The partnership is set to combine Noble’s operational expertise and development with Host’s scale, market insights, data analytics and resources to “cultivate and source differentiated investment strategies including property technology solutions, development and alternative lodging.”
Host says they are making a $150 million capital commitment as a limited partner in an existing Noble investment vehicle as part of the deal, and will also provide Noble with exclusive first looks at extended-stay hotel opportunities sourced through Host’s channels. Host will also make a minority investment in Noble’s fee-based asset management business, according to the release.
“As we continue to expand our institutional investment management platform, this strategic partnership further augments Noble’s ability to develop, source, and execute innovative growth strategies in travel, leisure, and hospitality,” said Mit Shah, Noble’s Chief Executive Officer.
Both organizations said that the partnership will leverage Host’s large scale, as one of the largest investors in luxury and upscale hotels in the world, to lead chain scale diversification and incubate future lodging-adjacent strategies.
“We are incredibly excited to invest with Noble, a leading private hospitality investment manager. In addition to operating through multiple cycles over three decades, we were particularly attracted to Noble’s proven expertise in sourcing and executing scalable select-service and extended-stay hotel investment opportunities,” said James F. Risoleo, Host President and Chief Executive Officer.
Founded in 1993, Noble has invested nearly $5 billion in communities across the U.S. to date, and is a signatory to the UNPRI. Host is an S&P 500 company and the largest lodging real estate investment trust in the U.S., owning 75 properties in the country and five properties internationally.
In other recent proptech news, Nomad raised $20 million to promote long-term rental revenue for mom-and-pop landlords with its rent guaranteed service. Sundae also unveiled a new lending service to help investors finance on its previously cash-offer “distressed property” marketplace.