Noble buys Hyatt hotel under construction in Boulder
Last Updated: 13:47 May 29, 2014
Terms of the deal were not disclosed, and officials for Noble could not be reached Thursday morning.
Noble owns a broad portfolio of hotels, mostly in the Southeast, according to the company's website. The hotel on Pearl Street east of 30th Street in Boulder will be Noble's first in Colorado.
The 150-room hotel is slated to open in early 2015, and include an indoor pool, business center, 24-hour gym, restaurant, and coffee and cocktails bar in addition to 3,600 square feet of meeting space.
The hotel is part of a $55 million Depot Square project being developed by Pedersen Development Co., for which ground was broken last summer.
In addition to the hotel, Depot Square will include a Regional Transportation District bus rapid transit station, a five-level parking structure, 71 permanently affordable apartments and the historic depot building, which will house a restaurant.
"Boulder represents an extremely high barrier to entry market due to the strict controls and regulations governed by the City Planning Board," Noble chief investment officer Rodney Williams said in a press release. "As such, the hotel fits very well into Noble's investment parameters of positioning the premium branded lodging properties in strong performing markets that are difficult to gain entry to."
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