BIRMINGHAM, AL-Making its first buy in Alabama, Atlanta-based Noble Investment Group has taken over the 205-room Hilton Birmingham at Perimeter Park. The new owner has set aside $5.5 million to upgrade the lobby, bar, common areas and curb appeal.

Dallas-based Ashford Hospitality Trust Inc. had put the 25-year-old hotel at 8 Perimeter Park South up for sale in May. The asset was part of the $2.4-billion portfolio that the REIT bought from CNL Hotels & Resorts Inc. in mid-April.

“Our standard MO is to have a value-add nature to our acquisitions, where we can bring in either our management operating team, or design and construction team,” says Adi Bhoopathy, Noble Investment's principal and executive vice president. He estimates the renovation will take one year to complete. He anticipates increases in the current occupancy of 72% and average daily room rate, which is now $130 to $140.