Latest news with #WoodSpringSuites
Yahoo
30-05-2025
- Business
- Yahoo
Noble Investment Group acquires 16 WoodSpring Suites hotels
This story was originally published on Hotel Dive. To receive daily news and insights, subscribe to our free daily Hotel Dive newsletter. Noble Investment Group acquired 16 WoodSpring Suites hotels, an extended stay brand under Choice Hotels International, the Atlanta-based real estate investment firm announced Wednesday. Noble did not share terms of the deal, and did not immediately respond to a Hotel Dive request for comment. Noble said the acquisitions, which occurred through two portfolio transactions, further advance its platform of branded extended stay hotels — 'an asset class at the convergence of hospitality, mobility, and America's accelerating demand for flexible, cost-efficient living solutions.' The firm is no stranger to the brand, having previously snapped up a multiproperty portfolio of WoodSpring Suites in 2023. Noble Managing Principal and Chief Investment Officer Ben Brunt said the acquisitions are part of the firm's bid to scale 'a high-margin, service-light platform that delivers brand-backed reliability without the burden of traditional leases.' Noble has a $6 billion portfolio in the U.S., including properties under multiple hotel companies' extended stay brands. The firm called its extended stay platform 'purpose-built for today's evolving economy.' Last year, the firm announced a $1 billion final close for its Noble Hospitality Fund V, a real estate fund focused on investments in select-service and extended stay hotels. In 2023, Noble acquired a 10-hotel portfolio of WoodSpring Suites properties across Florida, Georgia, South Carolina, Tennessee and Kentucky. At the time, the company said it had acquired 48 hotels in the select-service and extended stay spaces over the prior two years. 'It became clear, as we moved through the pandemic, that the [extended stay] segment of the hospitality business, specifically the economy and midscale segments, were the most resilient from an occupancy standpoint, and it has the potential, if properly run, to be the most profitable segment relative to gross operating profit margins,' Brunt told Hotel Dive in 2023. Noble has also built multiple properties under Marriott International's StudioRes extended stay brand, which launched in 2023. Select-service and extended stay hotels 'dominated' in terms of hotel transactions closed in the first quarter of 2025, according to JLL. The segment is poised for investment wins this year given its 'durable returns in a volatile market,' JLL reported earlier this year. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Hospitality Net
29-05-2025
- Business
- Hospitality Net
Noble Investment Group Acquires Sixteen WoodSpring Suites Hotels
Noble Investment Group ('Noble') today announced the acquisition of sixteen WoodSpring Suites long-term extended stay properties through two portfolio transactions. These investments continue to advance the firm's institutional platform focused on branded long-term accommodations—an asset class at the convergence of hospitality, mobility, and America's accelerating demand for flexible, cost-efficient living solutions. 'As affordability challenges and workforce mobility reshape how people live, work, and stay, we're scaling a high-margin, service-light platform that delivers brand-backed reliability without the burden of traditional leases,' said Ben Brunt, Noble's Managing Principal and Chief Investment Officer. Purpose-built for today's evolving economy, Noble's platform leverages operational scale, brand trust, and market dislocation to create institutional-grade assets engineered to generate stable cash flow, hedge inflation, and deliver long-term value across cycles. About Noble Investment Group Noble is an award-winning real estate investment manager specializing in the travel and hospitality sector. With a track record spanning three decades, Noble has invested over $6.0 billion in communities throughout the country, adding value across cycles and supporting the significant creation of jobs. PERE has named Noble one of the Top 200 Global Investment Managers, and the firm has been recognized as one of the Best Places to Work by Pensions & Investments and the Atlanta Business Chronicle. As a fiduciary to institutional investors, including foremost pensions plans, endowments, foundations, wealth management firms, and insurance companies, Noble's endeavors help to preserve and grow our limited partners' capital, which assists in providing retirement benefits for our country's teachers, law enforcement, firefighters, other pensioners, and financial resources for students to attend college. For more information, please visit
Miami Herald
20-02-2025
- Business
- Miami Herald
Two hotels could rise on the site of a popular Florida mall. See what's in the works
A Florida outlet mall flanking Interstate 75 could soon be getting a makeover that includes two hotels on the sprawling site. Ellenton premium Outlets is one of large large discount shopping center that travelers from South Florida to Tampa Bay or Orlando frequently stop at during their trips. So, what's next for Ellenton? Here's what to know: Mall plans for expansion Gulf Coast Factory Shops Limited Partnership filed paperwork with Manatee County to add two extended-stay hotels on the 68-acre site at 5593 Factory Shops Blvd. in Ellenton. If approved, hundreds of parking spaces would be removed from the outlet mall, records say. According to building records, the company requested approval to build a 124-room Hilton LivSmart Studios hotel and a 122-room WoodSpring Suites hotel on the existing parking lot at Ellenton Premium Outlets. Hilton LivSmart Studios is planned to go in the parking lot area south of the Ellenton Ice and Sports Complex, building records show. WoodSpring Suites hotel is slated for the parking lot to the ice rink's east just south of 29th Street E. The planned development shows the planned hotels could greatly reduce the number of available parking spaces at the popular outlet mall. There are just over 2,400 spaces at the shops now, but the hotels would remove over 400 available spaces, records show. Both hotels won't be taller than four stories, according to building records. What are Hilton's LivSmart Studios and WoodSpring Suites? Hilton unveiled LivSmart Studios in January 2024. It's a hybrid between a studio apartment style and extended stay style, and it was created for people staying 20 nights or longer, according to a news release. The hotel has a kitchen with a full-sized refrigerator, dishwasher, microwave and two-burner stovetop, the news release said. WoodSpring Suites is also an extended-stay hotel but at an affordable price. Originally Value Brands, the hotel changed its name to WoodSpring Suites in 2015. Choice Hotels bought the hotel chain in 2018. There are more than 200 WoodSpring Suite locations in the country. Each suite has an in-room kitchen with free WiFi, and around-the-clock access to the guest laundry room and vending machines. The rooms are also pet-friendly. What happens next? According to the application, the hotel proposal needs a public hearing in Manatee County. A public hearing date has not been announced yet.
