In the news release, Noble Investment Group Acquires the Embassy Suites Cleveland/Beachwood, issued 03-Oct-2012 by Noble Investment Group over PR Newswire, we are advised by the company that the first paragraph, third sentence, should read "Developers Diversified Realty Corporation" rather than "Diversified Realty Corporation" as originally issued inadvertently. The complete, corrected release follows:
216 all-suite hotel to undergo an $8.6 million comprehensive upgrade and renovation
ATLANTA, Oct. 3, 2012 /PRNewswire/ -- Noble Investment Group ("Noble"), a leading 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 prominently located near several public and private corporate headquarters such as Developers Diversified Realty Corporation, Aleris, TOA Technologies and the soon-to-be completed US headquarters of Eaton Corporation. The hotel is also proximate to first class retail and dining offerings, the new state-of-the-art 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. "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."
About Noble Investment Group
Founded in 1993, the Noble organization specializes in making value-added, opportunistic investments in the lodging and hospitality real estate sector. Through its private equity real estate funds, Noble has invested more than $2 billion in upper upscale and upscale hotels located throughout the United States which are affiliated with premium brands by Marriott, Hyatt, Starwood and Hilton. For additional information, please visit www.nobleinvestment.com
SOURCE Noble Investment Group