Noble Investment Group’s Bet Is Behind a 149-Hotel Buying Spree

While hotel deal activity has been sluggish, Noble Investment Group has been busy acquiring almost 150 hotels over the past 18 months (124 last year and 25 so far in 2026). 

Among the bets: branded long-term accommodations, value-add upscale select-service, and upscale extended-stay hotels.

“We believe in the long-term secular demand trends,” said Noble Founder and CEO Mit Shah. 

Shah said he hasn’t seen many new development deals that have penciled in the past five years, but said these do and can be built to a 10x unlevered yield, meaning the property generates enough debt-free cash flow to pay back the purchase price in 10 years. 

“We’ve seen a tremendous opportunity to acquire assets, everything from REITs to individual owners with scale, and then build out a new development platform that works,” Shah said.

“That’s the opportunity where you build these, you solve fo