Noble announced Tuesday it has reached a deal with lender Prudential to restructure the building's almost $62 million loan, which matured this month. The building opened as a W to much fanfare in 2008 because its interior is designed by "Queer Eye for the Straight Guy" alum Thom Filicia and offers a Rande Gerber-operated rooftop bar. It was first advertised for foreclosure in July.
The loan restructuring is one of a string of moves Noble has made recently to strengthen its presence in the metro Atlanta hotel market, where growth has ground to a virtual halt lately after years of marathon building. Only a handful of new hotel construction is planned in metro Atlanta, including a 12-story Hilton Garden Inn/Homewood Suites combination hotel underway in Midtown.
Over the last year, Noble has purchased a Holiday Inn in Decatur, a Residence Inn in Midtown and a Hyatt Place in the Perimeter area, CEO Mit Shah said. The company also plans to soon begin construction on a 150-room Hyatt House in Cobb County’s Overland Park, he said.
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