Privately held Noble Investment Group announced the acquisition of the 126-room Holiday Inn Charleston Historic District, located at the intersection of Calhoun and Meeting streets. Noble concurrently acquired an adjacent land parcel and has obtained entitlements to add 50 hotel guestrooms and 2,500 square feet of meeting space to the existing asset. Noble will complete the guestrooms and meeting space expansion in tandem with a comprehensive renovation of the current hotel. In 2011, the hotel will be re-branded as the Courtyard by Marriott Charleston Historic District with 176 guestrooms and 5,000 square feet of meeting space.
The Charleston peninsula combines three centuries of development density, limited land area, the oversight of America’s oldest historic preservation society, and a regulatory environment that does not encourage additional hotel development.
“Our team sourced and will execute an investment that combines the integral value-add components of a consistently strong demand market with inordinately high barriers to entry, topmost location within a market, and our ability to significantly enhance performance through physical repositioning and re-branding,” said Rodney Williams, Noble’s chief investment officer and a managing principal.
The award winning hotel was named “Best Hidden Gem” by Trip Advisor and embodies the local southern traditions featuring wooden rocking chairs on the porch, landscaped courtyard and water fountain, year-round outdoor heated pool, fitness center and the Battery Grill restaurant.
“Our multi-pronged investment strategy that includes an expanded and renovated hotel, will allow our operations team to drive substantial upside in market share, revenues and profitability,” said Bob Morse, Noble’s chief operating officer and a managing principal.
Bill Moeckel of Moeckel & Company advised the seller on the transaction.