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RockBride Acquires Pittsburgh Properties
Hampton Inn & Suites in Washington, PA and Homewood Suites, in Canonsburg, PA
COLUMBUS, OH - January 13, 2012 - RockBridge today announced the acquisition of the 103-room Hampton Inn & Suites in Washington, Pennsylvania and the 113-room Homewood Suites, in Canonsburg, Pennsylvania (individually, the “Hampton” and “Homewood” and collectively the “Properties”). James T. Merkel, President and CEO of RockBridge, made the announcement.
The properties enjoy excellent locations immediately south of Pittsburgh, in the heart of the rapidly growing Marcellus Shale natural gas formation region. The Hampton is located immediately off of I-79 and benefits from business derived from both the newly constructed Meadowlands Racetrack and Casino and Tanger Outlets. The Homewood is located within the Southpointe mixed-use development, which is home to 3.2 million square feet of Class “A” office, an 18-hole golf course and multi-family housing. Benefitting from the local demand generators both properties have exhibited rapid stabilization and have consistently outperformed their respective competitive sets over their short life spans. Each property offer amenities typical of focus-service hotels, including complimentary breakfast, indoor pool, fitness center, business center and complimentary local area shuttle service.
“This is an exciting opportunity to purchase two strong performing, high-quality and premium-branded assets within a rapidly growing economic corridor at an attractive capitalization rate,” said Merkel. “The transaction is the latest example of RockBridge’s ability to source and execute on transactions despite the challenging economic environment.”
RockBridge
RockBridge is an integrated hotel investment firm that has executed on over 300 debt and equity hotel investments in the U.S. over the past two decades. Since 1992, RockBridge’s team has invested nearly $3 billion in the hospitality industry as part of approximately $5 billion of total transaction capitalization. The principals of RockBridge have formed and managed nine hospitality-focused investment funds across multiple platforms with predominantly institutional investors. For additional information about RockBridge, visit www.rockbridgecapital.com.
