Host Hotels & Resorts has made a $150m (€129.6m) commitment to Noble Investment’s latest US hotel investment fund.

Host Hotels is making the capital commitment as a limited partner in the Noble Hospitality Fund V fund, and will provide Noble with “exclusive first-look at select-service and extended-stay hotel opportunities sourced through Host’s channels”.

Lodging real estate investment trust Host Hotels is also making a minority investment in Noble’s fee-based asset management business, independent from the Noble team’s investment interests in their existing funds, Noble said.

James F Risoleo, president and CEO of Host Hotels & Resorts, said: “In addition to operating through multiple cycles over three decades, we were particularly attracted to Noble’s proven expertise in sourcing and executing scalable select-service and extended-stay hotel investment opportunities.

“Host will benefit from both chain scale diversification and the ability to incubate and invest in future lodging-adjacent strategies.”

Mit Shah, Noble Investment’s CEO, said: “As we continue to expand our institutional investment management platform, this strategic partnership further augments Noble’s ability to develop, source, and execute innovative growth strategies in travel, leisure, and hospitality.”

As previously reported, Noble is seeking to raise $800m and a $1bn hard cap for the Noble Hospitality Fund V fund to acquire existing hotel assets with some value-add potential.

IPE Real Assets reported in December last year that the Missouri Local Government Employees Retirement System had issued a $40m commitment to the fund which will be investing in select service and extended stay hotels.

To read the latest edition of the latest IPE Real Assets magazine click here.