Noble Investment Group purchased two acres off Interstate 295 for $2 million in order to develop a four-story, 13,550-square-foot StudioRes by Marriott, an extended-stay hotel with 124 rooms. It bought the land from Harmony Farms of Jacksonville.

The new Marriott is planned for Collins Town Center with an address listed as 8045 Parramore Road. The job is expected to cost $9.9 million.

The Jacksonville Business Journal reports Noble Investment Group is a real estate investment manager that specializes in the travel and hospitality sector. It purchased the Courtyard Jacksonville Beach Oceanfront for $26.1 million in July. McKibbon Hospitality of Tampa will manage the beachfront hotel and currently manages 32 hotels for the owner.

The hospitality group expects to develop 50 StudioRes properties across several submarkets in major U.S. cities. Marriott says the StudioRes prototype is the company’s most affordable cost-per-key product to develop and build.