Noble Buys Dual-Branded Arundel Mills Hotel
- Jul 14, 2017
Noble Investment Group acquired the 289-key, dual-branded Aloft and Element Arundel Mills in Hanover, Md., from LTD Hospitality Group. The two Starwood-branded hotels were completed in 2009 and renovated in 2015. Financial details have not been disclosed, but the property’s last assessment values the asset at roughly $31.2 million, according to Anne Arundel County records.
Located at 7520-7522 Teague Road, the Element and Aloft hotels are situated adjacent to the 1.6 million-square-foot Arundel Mills mall, Maryland’s largest upscale retail center. The properties are also close to Maryland! Live Casino and the Baltimore/Washington International Airport, some 22 miles southwest of downtown Baltimore.
Large employers, solid fundamentals
The area offers high-density employment clusters, with the list of nearby companies including General Dynamics, Northrup Grumman, Siemens, CSC, Aerotek and Booz Allen Hamilton.
“The Arundel Mills/BWI market has continued expand with a consistent demand base anchored by defense- and government-related businesses,” said Noble Principal Ben Brunt, in prepared remarks. “The Aloft and Element acquisition provides Noble the opportunity to acquire an institutional quality, dual-branded hotel, at a significant discount to replacement cost; and at a time when these exciting brands are also set to benefit from joining the Marriott reservation system.”
Images courtesy of Noble Investment Group