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ATLANTA-Locally based Noble Investment Group has closed on a $310-million fund with plans to acquire and develop more than $1 billion in hotel assets over the next three years.

The fund, called the Noble Hospitality Fund LLC, is comprised of seven institutional investors, including major public pension funds and university endowments and investment by the principals of Noble. "We know that lodging is an active business that operates in economic cycles," says Noble CEO and fund senior managing principal Mit Shah. "Without debating the stage of the current cycle, NCREIF data shows that active lodging and hospitality specialists are better positioned to provide superior risk-adjusted returns throughout challenging market conditions."

The company's investment management team is led by Noble chief investment officer Rodney Williams, who is a managing principal of the fund. Williams tells GlobeSt.com that Noble is considering properties throughout North America, including all 50 states, Puerto Rico, Canada and Mexico. Noble anticipates making its first acquisition under the fund, six Hyatt properties, next quarter.