A Noble Deal in Yale’s Backyard
- Dec 04, 2019
Noble Investment Group has enhanced its portfolio with the addition of the New Haven Hotel, located just blocks from Yale University in downtown New Haven, Conn. Local property records indicate that the 135-key hotel was previously under the ownership of 229 George Street LLC, an entity of the Newport Hotel Group.
Standing seven stories at 229 George St., the New Haven Hotel has a unique lodging history; the property opened its doors as the New Haven Medical Hotel in 1991, catering to the outpatient clientele of a neighboring surgery center. Today, the upscale hotel features such amenities as a restaurant, a business center and 1,000 square feet of meeting space, and sources much of its business from the neighborhood, which has become a bustling educational and medical district.
The New Haven Hotel joins a notable list of other recent Noble investments, including the 228-key Residence Inn by Marriott Denver City Center, which the company purchased from Xenia Hotels & Resorts Inc. in a $92 million transaction at the close of 2018. In June of this year, Noble broke ground on Courtyard by Marriott & Element by Westin in Atlanta, a 282-key dual-branded project. Additionally, the company is in the midst of building the 169-key Element Nashville West End, for which it secured a $31 million construction loan in May.
As the market demands
Noble plans to reposition the approximately 80,000-square-foot New Haven Hotel to better accommodate the increasing demand from Yale, the 1,541-bed Yale New Haven Hospital and the downtown area’s burgeoning biotechnology community. However, it’s not just surrounding entities that are generating demand; the City of New Haven is a magnet for visitors. As noted in a 2019 report by Rex Development, a public-private partnership promoting economic development in South Central Connecticut, the lodging business in the Greater New Haven area is booming. At the beginning of the year, 13 hotel projects were in the pipeline.