ATLANTA, Oct. 3 /PRNewswire/ -- Privately held Noble Investment Group ("Noble"), a leading investment management, operating and development organization focused on the lodging and hospitality industry, today announced the acquisition of the Hilton Birmingham at Perimeter Park. The hotel will undergo a $5.5 million repositioning and will be operated by Noble under a long-term license agreement with Hilton Hotels Corporation.

The hotel marks the company's ninth acquisition this year and the eighth investment in Noble Hospitality Fund, LLC, the organization's current, fully discretionary private equity fund. The acquisition is consistent with the organizations value-added strategy to acquire and develop more than $1 billion in lodging over the next twenty-four months.

The 205-room, full-service Hilton hotel sits upon seven hilltop acres overlooking the 280 Corridor in Birmingham, Ala., and is located in Perimeter Park Center, a major office complex in the heart of Birmingham's most prestigious corporate, arts and entertainment district.

"Noble has a disciplined focus on acquiring, developing and re-developing first-class, premium-branded full-service and select-service hotels as well as resorts located throughout North America," said Mit Shah, Noble's senior managing principal and chief executive officer.

"We are opportunistic investors where our team can create and enhance value through a combination of changes in revenue and operational enhancements, physical plant reconfiguration, re-branding, and/or utilizing additional development opportunities to maximize revenue in every square foot of our real estate."

"Our discretionary private equity platform gives us the ability to execute our investment strategies throughout changing market conditions," said Rodney Williams, Noble's managing principal and chief investment officer. "As tighter debt covenants and reduced capital liquidity impact our industry, we are well positioned to source and take advantage of further value-added investment opportunities."

The Birmingham Hilton is located at the intersection of Interstate 459, Highway 280 and the Summit, a retail enclave which includes Saks Fifth Avenue and more than 90 specialty retail and dining offerings. The hotel boasts 10,000 square feet of meeting and banquet space with meeting rooms equipped with high-speed internet and AV services. The well-appointed guestrooms feature Hilton Serenity Collection bedding and Crabtree and Evelyn bath amenities. The two executive floors and a private executive lounge provide specialized business services and concierge assistance to accommodate business and leisure travelers alike. Scheduled to be completed in 2008, the $5.5 million renovation will include further enhancements to the guest rooms, meeting room upgrades and refurbished public and restaurant areas designed to complement the strong economic growth being experienced in Birmingham.

About Noble

Noble Investment Group is a real estate private equity fund manager and an integrated operating and development organization that specializes in value- added investments in hotels and resorts throughout North America. Since 1993, Noble and its predecessors have realized superior risk-adjusted investment 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 the organization expects to invest over $1 billion in assets through 2007 and over the following two years.

As an award winning operator and developer of luxury and upscale hotels affiliated with Marriott, Hyatt, Starwood and Hilton, Noble currently operates 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. For more information, please visit http://www.nobleinvestment.com/.

Contact: Chris Daly 703.435.6293 Bonnie Herring 404.262.9660

CONTACT: Chris Daly, +1-703-435-6293; or Bonnie Herring,
+1-404-262-9660, both for Noble Investment Group

Web site: http://www.nobleinvestment.com/