ATLANTA, Georgia—Noble Funding Group introduced that it held the ultimate closing for Noble Hospitality Fund V, L.P. (Noble Fund V). That is the fifth of Noble’s flagship collection of actual property funds centered on value-added investments in select-service and extended-stay resorts throughout the USA.
Noble Fund V was oversubscribed with $1.0 billion of fairness commitments from a world institutional base, together with public state pension plans, company pensions, endowments, foundations, insurance coverage firms, and wealth administration corporations. Ninety p.c of Noble’s present restricted companions repeated their commitments to Noble Fund V, along with commitments from a number of new institutional traders.
Noble has delivered a 15 p.c web IRR on $3.0 billion of realized capital throughout a number of market cycles over 30 years.
“Our group, sourcing relationships, analysis DNA, knowledge, and insights proceed to generate excellent returns for our traders and supply Noble with a big and scalable aggressive benefit,” mentioned Mit Shah, Noble’s CEO. “The overwhelming help of Noble Fund V displays the enduring belief of our restricted companions, and we stay deeply grateful for his or her continued confidence in us as their fiduciary.”
Secular demand progress in journey and hospitality mixed with muted new provide continues to supply long-term pricing energy for the sector.
“We’re proud to have reached our fairness laborious cap throughout this extremely aggressive fundraising surroundings when traders are exceedingly selective,” mentioned Noble Managing Principal Adi Bhoopathy. “The repeat commitments from our present restricted companions and new commitments from distinguished institutional traders mirror the distinct benefit of our Noble platform.”
“The magnitude of mortgage maturities mixed with file quantities of past-due renovations have created a generational funding alternative for Noble to amass income-producing resorts, recapitalize homeowners, and add worth each operationally and bodily,” mentioned Noble Managing Principal Ben Brunt. “Over a number of cycles, we’ve got demonstrated that our expertise, persistence, and self-discipline enable us to deploy capital opportunistically.”
“For the reason that second quarter of 2021, Noble has made $2.0 billion of recent investments, enhancing operational efficiency, delivering asset appreciation, and subsequently averaging a double-digit fairness distribution annually,” mentioned Noble Managing Principal George Dabney.
