Noble Investment Group is taking over from Clarion Partners asset management and partial ownership of a 51-hotel portfolio through a joint venture.
The portfolio, with a total of 7,528 hotel rooms, spans 25 U.S. states in both small and large markets, according to CoStar records. The partner in the joint venture is a unnamed large domestic pension fund. The sale date was Oct. 1.
Executives from Noble and Clarion declined to comment on the deal at this time.
New York-based real estate investment firm Clarion Partners bought the portfolio, then with more Courtyard properties, in 2005. In 2015, it worked with real estate banking firm RobertDouglas to refinance the then 65-hotel portfolio, known as CBM Two Hotels, with a $670 million five-year, fixed-rate mortgage from Deutsche Bank, according to a news release.
Five years later, Clarion worked with RobertDouglas again to secure a $684 million, five-year, fixed-rate, non-recourse senior mortgage for the then 52-hotel portfolio, according to a news release. The release noted Clarion spent more than $300 million in capital improvements on the portfolio since buying it, and it had planned a $220 million portfolio-wide renovation over the following four years.
Clarion refinanced the 52-hotel portfolio again in 2024 with a $677 million five-year, fixed-rate, non-recourse loan, according to a LinkedIn post by RobertDouglas. The post also noted the portfolio underwent a $250 million renovation between 2019 and 2024.
Noble Investment has been an active buyer this year. CoStar records show the Atlanta-based real estate investment manager as the buyer in 23 deals so far in 2025, not counting the new Courtyard portfolio, in a mix of hospitality properties and land. It also sold off two properties as well.
In early June, Dustin Fisher, senior vice president of investments at Noble, told CoStar News Hotels that the company was still looking for deals despite the uncertainty in the hotel transaction market that was holding back other dealmakers. Just the week before, Noble had acquired 16 WoodSpring Suites hotels through two portfolio deals.
“If you’re out of the market, that would mean you’re trying to time the market, and that’s just not a philosophy that we subscribe to,” Fisher said. “We adjust outlooks and how we underwrite, but we are opportunistic at the end of the day and will always be active in the transaction market."
Editor's note, Oct. 2, 2025: This story has been updated to clarify the structure of the deal.