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Noble, Hyatt join forces for development

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Published on 15/07/11 - Updated on 17/03/22

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Noble Investment Group and Hyatt Hotels Corp. announced on Monday the creation of a new joint venture that will pump US$80 million into the development of Hyatt Place and Hyatt Summerfield Suites brand hotels.

Noble owns 60% and Hyatt 40% of the joint venture and as part of the agreement Hyatt sold six Hyatt Place and two Hyatt Summerfield Suites hotels to the new company called Hyatt Noble Development Joint Venture for US$110 million. US$5 million will be invested in renovating these eight properties while the rest will be used for new developments.In addition, Noble will invest up to US$48 million in new Hyatt-branded select-service development projects. Noble now manages 21 full- and select-service Hyatts.In addition, Noble will invest up to US$48 million in new Hyatt-branded select-service development projects. Noble now manages 21 full- and select-service Hyatts.

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