Noble Investment Group acquired two Windmill Suites hotels in Arizona. The Windmill Suites Hotel Tucson at the University of Arizona and the Windmill Suites Hotel in Phoenix/Chandler at the Chandler Fashion Center will be rebranded soon.
The Noble organization has previously invested more than $2.5 billion in upscale hotels affiliated with brands such as Marriott, Hyatt, Hilton and Starwood. Noble specializes in making value-added, opportunistic investments in the lodging and hospitality real estate sector throughout the U.S.
The investor wants to invest more than$18 million in renewal and improvement of the two properties, which are also in for rebranding. Noble principal, Ben Brunt sees the acquisitions as “representative of Noble’s strategy to invest in prominently located urban select service and extended stay hotels affiliated with premium brands,” according to a statement. “Our ability to physically enhance, reposition, and rebrand these assets will enable us to maximize operating performance and add substantial value to these investments,” he added.
The Tucson property is located at the northern edge of Tucson in the foothills of the Santa Catalina Mountains, in St. Philip’s Plaza, and currently offers two-room suites. It is soon going to be rebranded as Homewood Suites by Hilton and will also be enhanced with new units, thus working up the number of suites to 122. The exterior will also undergo a comprehensive update, and new common areas will be added as well. The renovations are planned to meet “Take Flight” guidelines and will cost around $9 million. Take Flight is Homewood Suites’ initiative launched earlier this year— a program designed to retrofit existing outdated properties and bring them up to modern-day standards.
The soon-to-be 129-suite Hyatt Place Phoenix/Chandler is located on West Chandler Boulevard, adjacent to the Chandler Fashion Center. Its redevelopment includes the incorporation of the Hyatt Place lobby concept, all new guestrooms, common areas and exterior enhancements.
Both properties are located in highly sought after and affluent markets consistent with Noble’s strategy of investing in top-grade real estate, enhancing the physical space through redevelopment and/or rebranding and then maximizing operational performance.
Photo courtesy of Windmill Suites