Noble Investment Group has acquired a two-acre plot of land off Interstate 295 for $2 million with the intention of building a four-story, 13,550-square-foot StudioRes by Marriott. This extended-stay hotel will feature 124 rooms and was purchased from Harmony Farms of Jacksonville.
The new Marriott will be located at Collins Town Center and have an address listed as 8045 Parramore Road. The project is estimated to cost $9.9 million.
According to the Jacksonville Business Journal, Noble Investment Group specializes in real estate investments within the travel and hospitality sector. In July, they also purchased Courtyard Jacksonville Beach Oceanfront for $26.1 million. McKibbon Hospitality from Tampa will manage this beachfront hotel as well as their other properties under Noble’s ownership.
This acquisition is part of Noble’s plan to develop around 50 StudioRes properties across various submarkets in major cities throughout the United States. According to Marriott, their StudioRes prototype is their most affordable option when it comes to cost-per-key development and construction.
