Host Hotels & Resorts has made a $150m (鈧�129.6m) commitment to Noble Investment鈥檚 latest US hotel investment fund.
Host Hotels is making the capital commitment as a limited partner in the Noble Hospitality Fund V fund, and will provide Noble with 鈥渆xclusive first-look at select-service and extended-stay hotel opportunities sourced through Host鈥檚 channels鈥�.
Lodging real estate investment trust Host Hotels is also making a minority investment in Noble鈥檚 fee-based asset management business, independent from the Noble team鈥檚 investment interests in their existing funds, Noble said.
James F Risoleo, president and CEO of Host Hotels & Resorts, said: 鈥淚n addition to operating through multiple cycles over three decades, we were particularly attracted to Noble鈥檚 proven expertise in sourcing and executing scalable select-service and extended-stay hotel investment opportunities.
鈥淗ost will benefit from both chain scale diversification and the ability to incubate and invest in future lodging-adjacent strategies.鈥�
Mit Shah, Noble Investment鈥檚 CEO, said: 鈥淎s we continue to expand our institutional investment management platform, this strategic partnership further augments Noble鈥檚 ability to develop, source, and execute innovative growth strategies in travel, leisure, and hospitality.鈥�
As previously reported, Noble is seeking to raise $800m and a $1bn hard cap for the Noble Hospitality Fund V fund to acquire existing hotel assets with some value-add potential.
91传媒在线 reported in December last year that the Missouri Local Government Employees Retirement System had issued a $40m commitment to the fund which will be investing in select service and extended stay hotels.
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