Affiliates of Noble Investment Group and Hyatt Hotels have formed a joint venture to invest up to $80m in developing Hyatt Place and Hyatt Summerfield Suites hotels.
Under the joint venture, in which Noble owns 60% and Hyatt 40%, Noble will invest up to $48m in new Hyatt-branded select service development projects.
As part of the agreement, a Hyatt affiliate sold six Hyatt Place and two Hyatt Summerfield Suites hotels to the joint venture for $110m.
The joint venture will spend $5m on renovating the eight properties, which its affiliates will manage under franchise agreements with Hyatt, and Noble will manage 21 full and select service Hyatt-branded hotels.
The joint venture is actively pursuing new development opportunities, the first of which will be located in Cobb Galleria, Atlanta, in the US.
Construction is expected to begin later in 2011 on a 149-room Hyatt Summerfield Suites hotel in the Overton Park mixed-used office complex, which will open in 2013.