May 29--Noble Investment Group, an Atlanta-based real estate investment firm, has acquired the Hyatt Place Boulder hotel that is under construction at Boulder Junction, officials announced Thursday.
Financial terms were not disclosed, said Scarlett Ainsworth, a spokeswoman for Noble. Noble-Interstate Management Group LLC will serve as the property's operator, she said in an e-mail to the Daily Camera.
The 150-room hotel, at 2230-2234 30th St., includes 3,600 square feet of meeting space in addition to amenities such as an indoor pool and spa, business center, fitness center, 24/7 Gallery Menu & Market and the Coffee to Cocktails Bar.
Noble has invested more than $2.5 billion in more than 50 hotels -- primarily select service and extended stay properties -- affiliated with brands such as Marriott, Hyatt, Hilton and Starwood. The Hyatt Place Boulder is the company's first in Colorado, Ainsworth said, adding that certain markets in the state, including Boulder, have been target markets for investment.
In Noble's announcement about the purchase, officials said the location aligned with the firm's investment strategy.
"Boulder represents an extremely high barrier to entry market due to the strict controls and regulations governed by the city Planning Board," Rodney Williams, Noble's chief investment officer said in the announcement.?"As such, the hotel fits very well into Noble's investment parameters of positioning premium branded lodging properties in strong performing markets that are difficult to gain entry to."
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