Noble Investment Group Acquires The Richardson Hotel and
Announces Plans to Convert Upscale Asset to a 342-room Hyatt Regency North Dallas-Richardson

On November 28, 2007, privately held Noble Investment Group of Atlanta, Georgia, announced the acquisition of The Richardson Hotel from national real estate firm, Lowe Enterprises. Noble will invest $6.4 million in a property improvement plan which follows Lowe’s $8 million capital investment in the property in 2006. Noble plans to convert this prominent asset to a Hyatt Regency brand to serve the technology and telecom-rich corridor in Richardson and the North Texas area.

The investment marks the company’s tenth acquisition this year and the ninth in Noble Hospitality Fund, LLC, the organization’s current fully discretionary private equity fund. “Notwithstanding the current dislocation in the capital markets, our fund team has had another accretive year executing our investment strategies, which continue to be enhanced by our operating and development teams in creating value,” said Mit Shah, Noble’s senior managing principal and chief executive officer.

“The acquisition of this first-class hotel is consistent with Noble’s value-added investment platform,” said Rodney Williams, Noble’s managing principal and chief investment officer. “Our team is focused on increasing market share, revenue and profitability through the combination of re-branding the asset to the upper-upscale Hyatt Regency brand in conjunction with the planned physical enhancements to all guest rooms, meeting space and food and beverage outlets.”

The 342-room, 17-story hotel is located in the northeast quadrant of the intersection of Campbell Road and Highway 75 in the heart of Richardson’s Telecom Corridor®, between the 2.1 million square foot Greenway Office Park and Eastside. Eastside is a new mixed-use development now under construction which includes 100,000 sq.ft. of retail and restaurants, 435 upscale multi-family units and 190,000 sq.ft. of office space.
The site provides convenient access to area businesses as well as key points of interest throughout the Dallas area.
The hotel has 13,000 sq.ft. of meeting and banquet space, including the 7,800 square foot Texas Ballroom, a premier venue in the Richardson and North Dallas area for meetings and social events. The hotel’s large guest rooms feature new pillow top bedding packages, along with custom designed furniture and oversized work areas with ergonomic chairs and hi-speed internet access.

Scheduled to be completed in the first quarter of 2008, the $6.4 million property improvements will include further enhancements to the guest rooms, meeting and banquet space, and public and restaurant area upgrades designed to complement the strong economic growth being experienced in the area.

About Noble
Noble Investment Group sponsors a series of private equity real estate funds and is an integrated operating and development organization that specializes in making value-added investments in hotels and resorts throughout North America. An award winning operator of more than 8,000 hotel and resort guest rooms, convention and conference centers with approximately 1,000,000 sq.ft. of meeting space, as well as championship golf, day and resort spa’s, upscale restaurants, and branded retail coffee stores. Noble and its predecessors have realized superior risk-adjusted returns while acquiring and developing nearly $2 billion in lodging and hospitality assets.
Noble’s current discretionary private equity fund represents $310 million of equity commitments and expects to further invest total capital of $1 billion over the next two years. www.nobleinvestment.com