Richard M. Stormont and James M. Stormont Jr., principals of Stormont Hospitality Group, will be managing directors of Noble's new division. John Cooper will run the division as vice president of development and report to Noble's executive committee headed by Mitesh Shah, Noble president and chief operating officer.
"Relative to risk as an owner, today's return-on-invested-capital requirements make major private hospitality development difficult," Shah says in a prepared statement. "The acquisition of Stormont gives us one-of-a-kind expertise in the financially accretive public/private hotel development arena and establishes Noble as one of the industry's leading fully integrated organizations."
The deal also provides the Stormont group with new avenues. "Noble provides Stormont with access to necessary capital and aligns us with a pre-eminent operating company," says Dick Stormont.
He says Stormont "adds complementary skills to make Noble Investment truly a full-service hospitality company, one of the few in the industry on this scale, with a proven track record of developing and operating premier hospitality projects."
Stormont started in 1984 and has developed $550 million in hospitality projects, including 4,000 hotel rooms and 250,000 sf of conference and meeting space. Among Stormont's completed projects are the $133 million, 750-room Baltimore Waterfront Marriott; the 405-room Norfolk Waterside Marriott; the 250-room Renaissance conference center hotel in Portsmouth, VA.; the 300-room Wichita Hyatt Regency; the Emory University Conference Center in Atlanta; and the 300-room Franklin Marriott Cool Springs which Noble purchased from Stormont two years ago.
Founded in 1979, Noble Investment Group and its subsidiaries own or manage 60 hotels with 8,300 rooms in 18 states. The company also has several active projects in the development and acquisition pipeline. Noble is a major partner and franchisee of premium-branded hotels under the Marriott, Hilton, Starwood and InterContinental Hotel Group banners.
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